All Forum Posts by: Tieneasha Bastian

Okay so we purchased a property under LLC with a hard money lender and I'm just trying to get an idea and have a clear plan for when it's time to pay the hard money lender back we thought that we would owner occupy the property but it seems that there are not many lenders who do a cash out refi for owner occupied only investments such as rentals.

does anyone have experience with taking a property that was purchased under your LLC and transferring it into your personal name

also scenario home is purchased rehab is completed what will we have to do next to have it on or occupied and proceed with the cash out refi or if we get it rented out what are the next steps

I'm assuming you told the HML you were buying an investment property because no HML will lend on a property that's going to be owner occupied. That turns into a RESPA nightmare.

As it is, you'll go through the normal Fannie Mae/Freddie Mac steps to refinance your property since you already own it. If you're the sole member of the LLC, it's pretty easy to put it back into your personal name. Do it at close on the long term financing.

Thank you we'll its actually a house that is on 2 lots but we wanted to live in the house until we were able build on the second lot and make that home our primary but it sounds like I'm going to have to make it a rental since I purchased hard money I need to have the best plan to do a cash out refi in and effort to use that money to pay the hard money lenders back

0 Votes

Originally posted by @Michael Glist:

So as mentioned you can transfer it from the LLC to your personal name and then start the process of getting a conventional owner occupied loan. If you do this just make sure to talk to the lender(s) to see if it changed the timeline at all. Some lenders may require a 6-12 month period from the date of the transfer before you can refinance, so make sure you know what that timeline looks like first so you can then make arrangement with you hard money lender for an extension if that timeframe fall outside your original term with you hard money lender.

Also as mentioned you can transfer it back to you LLC after closing, just make sure to read your loan documents. Some lenders will have a clause in the loan documents stating if you do this they can call the balance due in full.

Thank you so much for this information

2 Votes

Originally posted by @Kevin Sobilo:

@Tieneasha Bastian, sounds like you confused the lending process a little.

I think the problem you're running into is that you bought the property in an LLC. With the property owned as an LLC you can't get conventional conforming Fannie/Freddie loans.

With you owner occupying part of the property. I'm assuming there are multiple units.You probably can't get portfolio loans for it as an investment property.

So, change something. Either don't owner occupy it OR transfer ownership to your own personal name as part of the loan process and take out a conventional conforming loan.

AFTER you get the loan, THEN may people would use a quit claim deed to transfer the property into the LLC.

Thank you we'll its actually a house that is on 2 lots but we wanted to live in the house until we were able build on the second lot but it sounds like I'm going to have to make it a rental I purchased hard money so I need to have the best plan to do a cash out refi in and effort to use that money to pay the hard money lenders back

1 Vote

Thank you you for the response we were considering making it owner occupied or our primary residence and I have been finding that a lot of lenders will not do the refi that way only for an investment property. Any insight on that?

0 Votes

does anyone have experience with taking a property that was purchased under your LLC and transferring it into your personal name

also scenario home is purchased rehab is completed what will we have to do next to have it on or occupied and proceed with the cash out refi or if we get it rented out what are the next steps

0 Votes

does anyone have experience with taking a property that was purchased under your LLC and transferring it into your personal name

also scenario home is purchased rehab is completed what will we have to do next to have it on or occupied and proceed with the cash out refi or if we get it rented out what are the next steps

1 Vote

Ok understandable thank you for the information.

0 Votes

Thank you but what would be the difference of using it as a rental and possibly using it as a primary residence?

0 Votes

I just bought a property for 80k used hard money for the purchase have one year to pay back the lender it's my first investment property need as much information as possible on how to refi cash out the house was purchased under an LLC. We are considering making our primary residence

how soon can you do a cash out refi?

0 Votes

All Forum Posts by: Tieneasha Bastian

Tieneasha Bastian has started 3 posts and replied 9 times.

Post: Cash out refinance process

Post: Understanding the process

Post: Understanding the process

Post: Cash out refinance process

Post: Understanding the process

Post: Cash out refinance process

Post: Cash out refinancehow soon can you do a cash out refi? Any info??

Post: Cash out refinancehow soon can you do a cash out refi? Any info??

Post: Cash out refinancehow soon can you do a cash out refi? Any info??