Refinance in an LLC or Personal Name?

[Jason Boice]

We bought a 3 unit property at auction using private money in March. We made some repairs to the units and approached a few banks about refinancing. We were told we needed a 6 month to 1 year seasoning period, depending on the bank. Which is fine, we can wait till September.

The issue that we are running into is that banks are saying that we can't refinance if we own it in an LLC. One bank recommended we Quitclaim the property into our personal names, refinance, then we could quitclaim it back to the LLC. Has anyone else run into this issue? If so how did you solve it? Thanks.