All Forum Posts by: Lei L.

Is Chemical Bank local or they can lend online? Thanks.

Originally posted by @Monica Johnson:

Chemical Bank, I personally used them for a loan. Great experience! Shawn Huss was who I worked with.

So even single member LLC (SMLLC) can't take traditional mortgage loan, right? Can you explain more about what to do if I want to finance a property in my SMLLC? Do I just need to find some quitclaim deed form and fill in myself to transfer the ownership from my SMLLC to myself? And If I can get the traditional mortgage loan under my personal name, can I quitclaim deed it back to LLC for protection purpose?  Thanks. 

Originally posted by @Harjeet Bhatti:

@Ryan Horan You have to quit claim on your name before submit the application under delayed financing. Under Fannie Mae guidelines its has to be on personal name during refinance. 

Originally posted by @Nick Giulioni:

If you live locally, Crane is solid!

Is single-member LLC also facing the same problems in financing? I have properties bought in cash under LLC for protection purpose. They are fixed and rent out. I am thinking about financing so that I can cash out for new investment. Can I borrow under my personal name and have a conventional mortgage loan?  Thanks. 

Originally posted by @Jaron Walling:

@Ryan Horan I don't know how much experience you have but the questions you ask (I looked at your other posts) lead me to believe you should not be purchasing under an LLC. It's a waste of time and money in my honest opinion. Unless you own multiple assets or properties in your name it's just a headache. The interest rates, refinance, deed issues, and loan terms don't make sense for the first DEAL with or without a partner. I would find a lawyer to write up a partnership agreement. If an LLC is deal breaker maybe you don't need a partner.

Originally posted by @Kris Mann:

Thanks for the info everyone!

Closed 3 SFs with the following parameters:

• Closing Date: 1st week of June
• Location: Maryland
• Property Type: Investment
• Loan Type: Cash-out refi
• Num of properties: 3
• Holding: LLC
• LTV: 75%
• Amortization: 25 yr
• Term: 5 yr balloon
• Interest: 3.46%
• Fee: doc fee of $500, no origination fees
• Guarantee: LLC + Personal, UCC only on the said 3 properties + depository relationship
• Bank: Regional bank, I have an existing primary depository relationship

The above bank won't offer me a longer term, so I just got the following quote from another bank

• Closing Date: Quote valid till 7/31
• Location: Maryland
• Property Type: Investment
  Loan Type: Cash-out refi
  Num of properties: 5
  Holding: LLC
• LTV: 75%
• Amortization: 25 yr
• Term: 10 yr balloon
• Interest: 4.25%
• Fee: 0.5% origination fees
• Guarantee: LLC + Personal, UCC only on the 5 properties. No need for depository relationship
• Bank: Hyper local bank

If you guys don't mind, please include all of the above information for your loans, it will be super helpful. 

Lei
Originally posted by @Brant Schumaker:

@Jim Meloche I'm getting quoted 3.875%, no point, 30-year fixed on an investment duplex; 3.75% for an SFH. PM if you need an introduction.