All Forum Posts by: Charles D.

Thanks @Upen Patel

Looks like I'll have some options. I understand that you can't do a Fannie/Freddy cash out refi on a property held by an LLC. What is the terminology for the vehicle that basically does the same thing?

Thanks @Stephanie P.

Would an alternative type lender be a private money lender?

Thanks @Tom S.

I’ll definitely contact some of my local banks to see what they can offer.

@Corby Goade

Thanks for the input.

Other than having a track record of  buying and holding multiple properties, how else can you convince a lender that you can deliver?

@Stephanie P.

Yes, I understand that a loan to an LLC would not satisfy the Fannie and Freddie criteria and would be at a higher rate. I'm assuming that would make a portfolio loan from a local bank the next best option.

My question is: Would they have a commercial loan product available to a new investor with only one property or would they only want to talk if you already have a few properties under your belt.

What sort of qualifications does a local bank typically look for when generating a portfolio loan? Here is a hypothetical scenario for the borrower: Assuming the loan is against a 2-3 family rental bought with cash. New investor, first investment property Owned by an LLC (single member) Want to pull cash out for another deal. The single member would qualify for a conventional loan (good credit, low debt to income etc.)