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Updated about 1 year ago,

User Stats

11
Posts
7
Votes
Alan Thach
  • Real Estate Agent
  • Portland, ME
7
Votes |
11
Posts

Creative Refinance situation questions

Alan Thach
  • Real Estate Agent
  • Portland, ME
Posted

Hey everybody, I'm planning on doing a creative acquisition strategy and I'm looking for some answers to these questions before I talk to lenders so I can adjust anything. 

Questions: 

1. Can you do a conventional Cash out refinance to a person and 2 LLC's?

2. If you can’t, can you do the cash out refinance in the personal name and then do a quit claim deed afterward to add in the other two LLCs? which leads to the next question 

3. Do you need to be on the title and the mortgage to do a DSCR cash out refinance or can you just be on title and get the person on the mortgage to agree to do the dscr cashout refi as well as taking the themselves off (they dont want anything to do with the property) so it's just the 2 LLC's on the new dscr mortgage and title?

4. Is there a seasoning period between a conventional cash out refinance and a DSCR cash out refinance?

5. Is there a seasoning period between the quitclaim deed of adding the 2 llcs and doing a DSCR cashout refinance? Like does the LLCs need to be owners for a certain period of time before DSCR refinancing.

Obviously I'm going to make sure its all pre approved before tackling this project but I was just curious on if I can get some insights here before I get started so I can make any alterations. Thank you guys, please ask questions if you want to get more information. 

Thanks

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