All Forum Posts by: Brian Higa

John Broussard

Do you have Banking contacts to provide a 30 year for an LLC?

Christopher Phillips - Thanks for response. Do you know banks that will do 15 year loans? You mentioned a higher rate but I would consider a higher rate for the longer term. I would just figure the costs of the loan / debt and figure what my bottom line is. My problem is I havent found any Bank willing to loan to an LLC with any longer term, fixed rate financing.

Thanks again

Soh Tanaka:  Thanks for the response.  Ive considered that but the problem that I think I will face down the road is because the refi is under me personally, i will limit the amount of times I can do this.  My belief and experience has been I can only get so many personal loans as the lender ultimately looks at me as the financial backing VS commercial loans where they look to the property and cash flow as the backing.  Ive heard this many times onthe podcasts but need the details on how to execute

Ryan O'mara - Do you have a contact or a suggestions? All the properties are all in the same town. I think Ive approached every small bank in town (theres not many) trying to get commercial financing as all six doors - 4 different roofs are titled under the same LLC. That was my thought when I first set the LLC up but am having difficulty executing this. All are owned free and clear. Ultimately I want to be able to (1) Execute the "Repeat" in the BRRRR strategy and (2) Equity strip for Asset protection. Everyone I have spoken have given me the 3 year fixed, then adjustable option.

Thank you for attention and response.  Any personal experience or professional references / consulting service appreciated

Brian

Ive been trying to get unstuck and researched the BP Site

Family members purchased some investment RE with cash

We now want to put a loan on the properties but havent found any real long term (fixed rate 15 to 30 years) options being held in our LLC

Can the LLC give me a loan personally that I can then refi with a bank? Or how do I get the money out of our 100% cash purchased property?

Also, we have a total of 6 doors. Two Duplexes, Two SF homes. If all held in the LLC can this qualify for commercial financing?

Thanks for any help getting me unstuck

Jesse, Stephanie and Albert

Thank you all for your responses and help

I spent yesterday speaking to three of my small local banks + WF

Id like to discuss more specifics of my situation and hopefully move forward

Thank you

Mark E

I just did a Jumbo refi at the same interest  No Points No fees

I think you are in the ballpark.

Joe

Im in the same situation

Just to find a bank to move conversation forward was hard

I went to Wells Fargo (after my own small personal community bank I have my business accounts) but they do not lend outside California.......others WOULD do an LLC but not on the SF or 4 plex's.....Only 5+ units

The only answer I got so far was take the property out of the LLC, then the loan would be based on whomever holds the titles credit (my problem, too many loans, unfavorable DTI ratio, self employed

Next step is to contact Jason above......

Thanks for the reply

Can anyone give me an idea of their experiences on what to expect from a rate and fees?

I realize they will be higher but if someone has gone thru this and could share the rate, fees and term

Ive started with in state local banks which charge about $1000 for application and appriaisals

The aboout 1.5% over prime

So if anyone has what a typical fee would be

And what to expect about rates over Prime (for LOC)

Havent found anyone that would do what I ve seen discussed about using a Fannie product and putting a 30yr loan on it

The price we paid was 92,500 and looking for 70-80% loan

Thanks for the help

I was trying to get info by looking at other posts

Theres another thread on BRRRRR

speaks of using delayed financing thru Fannie / Freddie

30yr fixed  4.5 to 4.875

I cant find anything anywhere near that

Let me give a few more details........

We have 5 mortgages from prior residences that have turned into rentals

Hard to get financing so we bought a small duplex with cash with family members and titled in an LLC

We now what to get that money out for improvements / other investments

When we refi our personal home its a no point... no fee ....great rate loan

When we try with this rental investment home that LLC paid cash..........

Its been lots and lots of phone calls to the banks we used personally, for my business.  I thought it would be easy because we have good credit and banking history but havent really gotten anywhere

Hoping for any direction and advise on how to make the "Refi" part of the BRRRR work for me

Thanks  Brian