Thank you for getting back to me @Andrew Postell. A lot of great information here on BiggerPockets. I'm now in the process of going through your thread with 200 or so replies, "How To: Cash out 1-4 unit Property", I'm sure I will find a lot of very useful info there.
A portfolio loan is exactly what I am looking for. I mean, I have been researching all of those topics for a long time now. Maybe too long. So I was very surprised when more than 1 lender told me that even if my company takes out financing and I guarantee the debt, it will still show on my credit. Not sure if this was a misunderstanding issue, or lack of knowledge issue, as I met them at an REIA event and they claimed to work with a lot of local investors.
The property I'm looking to cashout-refi was bought in cash as an REO, and I fully renovated it. I bought it in my personal name a little over a year ago, and it's already rented out. There is currently no note on it. Since I bought it in my personal name, I'm looking to quick claim it to the LLC, and then finance it in the name of the LLC. I understand that the terms would not be as appealing as on a conforming mortgage, but I'm prepared for that; there is enough room to still cashflow.
As you said, when banks lend out their own money, they can dictate their own rules. I understand that everyone will have different terms, especially in different states and for different assets. However, would you say that there are average terms that you most frequently come across from portfolio lenders? I'm interested in terms of length, ARM vs Fixed (type of ARM, if more frequent), and interest. The property is a SFH. If there are, so to say, most common terms that you come across in such situations, I would be very interested to learn them so I can reference to something when contacting small local banks and credit unions in the upcoming days. Thanks. Your posts benefit a lot of people!
