BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 2 years ago on . Most recent reply
Cash out Refi for a new LLC?
Hi BP,
Earlier this year my siblings and I pooled our resources and created an LLC to BRRRR rental property. We bought a duplex for 83k cash, put in about $220k in to fixing it up. Now we are looking to do a cash out refi to get back some of our funds for the next one. However, I have spoken with a few lenders and they have both said they can't do a cash out refi for an LLC until we have 3 years of business income to show. Has anyone else had this problem. Can anyone recommend a lender that can do a cash out refi with a new LLC?
Thank you for any help!
Seth
Most Popular Reply
Seth, a DSCR loan is the way to go for this as it is strictly focused on the property cash flow rather than business income.