Refinance through a Llc

[Freddy Alban]

Hello BP,

I need to refinance a rental property that I purchased through my LLC. I reached out to CU's and local banks about refinance, but they mentioned I need 12 months season period before I can cash out refinance.

I would be paying interest only to my HML for these 12 months if that's the case. This rental would still cash flow after making this payments and expenses.

Is it "normal" to have the HML debt for 12 months?

Id like to hear your feedback! Thank you!!

[Rene Owczarski]

Originally posted by @Freddy Alban:

Hello BP,

I need to refinance a rental property that I purchased through my LLC. I reached out to CU's and local banks about refinance, but they mentioned I need 12 months season period before I can cash out refinance.

I would be paying interest only to my HML for these 12 months if that's the case. This rental would still cash flow after making this payments and expenses.

Is it "normal" to have the HML debt for 12 months?

Id like to hear your feedback! Thank you!!

A quicker way than calling around local banks, to see who's lending to LLC's, is going straight to the source. Which would be your County Recorder or Register of Deeds. Most countries have their records searchable online for free. So then you can do a quick search for the last 30-45 days on LLC's that have gotten a mortgage, and give those lenders a call. Since then you know they are lending to LLC's, and they are active and making loans right now.