All Forum Posts by: Dan S.

 Unfortunately I did not have the funds seasoned for 60 days. Had a wire or two come in about a month or 1.5 months prior to closing.

I was aware if the LTV was above 80% than it would be required but not at a 65% LTV. If this is a portfolio product which I am sure it is, than I guess this is something I have no control over?

I was thinking about switching banks and possibly putting the loan in my name instead of the LLC to get around it if they will not do it. Just worried about having to source funds that were used to purchase since i am sure FNMA will require that.

I am trying to do a cash out refinance on a triplex that i had purchased in February with cash. Since I purchased under my LLC and preferred to keep it that way i went to my local bank that i do business with and the loan officer said it was not a problem. Their LTV kind of sucks at 65% for a cash out refi but no other banks wanted to touch it. Ok fair enough. Now I get an email from the loan officer a month after submitting docs saying that they can not waive escrows due to being an investment property. I have never heard of this before and just sounds ridiculous to me. Has anyone heard of a bank not waiving escrows on an investment property?

I must have spoken to 20 banks in my area and not one would touch the loan. Looks like I will be sticking with my bank and a 60% LTV.

@Jesse Gonzalez Thanks for the detailed Fannie guidelines but this is not a Fannie product being that its an LLC.

I purchased my first Triplex 3 months ago in cash, rehabbed and have all units rented currently. I bank with a small local bank and they offered me 60% LTV for a cash out investment with no seasoning requirements under the LLC with me personally guaranteeing it.

From what I remember browsing through the posts a few months back there were some reputable lenders online who were offering 70-80% LTV in this scenario which I can not seem to find.

I thought provident was one of them but could not find any information in their guidelines to back that up. If anyone has any suggestions, I know that this would be a portfolio product.

I was looking to get a 70-75% LTV if possible.

Thanks.

Hey all. Just purchased my first triplex in South FL which I found through homesteps. I have been lurking around here for several months reading as much as I could. I know most of you are not too fond of purchasing under an LLC but with my wife being an attorney, I did not have much of an option. My insurance agent who covers mostly everything for me told me that his options were limited for insurance for the LLC. I was quoted around $5500 for liability, hail, windstorm, etc.. not including contents. This figure seems very high and will eat away a good chunk of my net. Anyone else in FL who has an LLC paying a premium this high?

I do have a personal umbrella policy by the way, but I was told that since the property is under an LLC I would not be able to put it under my personal umbrella.