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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 2 years ago on . Most recent reply

User Stats

20
Posts
8
Votes
Seth O.
  • Investor
  • Columbus Grove, OH
8
Votes |
20
Posts

Cash out Refi for a new LLC?

Seth O.
  • Investor
  • Columbus Grove, OH
Posted

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

User Stats

338
Posts
375
Votes
Jack Mawer
  • Lender
375
Votes |
338
Posts
Jack Mawer
  • Lender
Replied

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.

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