Can't have Access to Equity from a Free & Clear prop. after covid thru Chase Bank!!!

[Alfredo Sanabria]

I'm a out of state investor, opened up an LLC. bought property in this LLC Free & Clear and now need money out of these property to pay off some loans and bank is telling me that after Covid they are not giving money out. Has anyone else expericing this? if so how can i pull EQUITY out of my properties?

[Lauren Ruppert]

WTF...that's crazy.  

[Jim Kittridge]

Go to another lender that is lending and refinance your free and clear property.

[Nick C.]

There’s plenty of banks out there. Go with a local/regional one, you’ll get much better service.  

[Matt Devincenzo]

There's probably more to this story...Chase is a big bank and isn't often where I'd look for small commercial refi's. You placing these properties in an LLC makes the loans commercial, and probably based on area, asset value or other criteria it isn't in their commercial loan criteria. It's not really that surprising as the big banks have historically not been where these are financed. It's been small local/regional banks and more specialized DSCR type loan providers.

[Chris Seveney]

Quote from @Alfredo Sanabria:

I'm a out of state investor, opened up an LLC. bought property in this LLC Free & Clear and now need money out of these property to pay off some loans and bank is telling me that after Covid they are not giving money out. Has anyone else expericing this? if so how can i pull EQUITY out of my properties?

You can pull equity out of property if it is free and clear but you still need to meet the lenders requirements for either DSCR or DTI.

Where is the property located?

What is the condition of the property?

Is it being rented?

What is the value of the property?

[Alfredo Sanabria]

Quote from @Matt Devincenzo:

There's probably more to this story...Chase is a big bank and isn't often where I'd look for small commercial refi's. You placing these properties in an LLC makes the loans commercial, and probably based on area, asset value or other criteria it isn't in their commercial loan criteria. It's not really that surprising as the big banks have historically not been where these are financed. It's been small local/regional banks and more specialized DSCR type loan providers.

[Alfredo Sanabria]

last time i was in evansville i did go to 3 local banks and was told the same by each one.

1)I'm a out of state investor

2)Property's are in LLC .

3)don't live in Indiana. bought Two single family and sold one and presently own a duplex w/ tenants. And a single family completely renovated. ready to rent or sell.