There may also be the option to work with the lender to see if they will consider using the free and clear property as collateral, in order to get the loan.I can recommend lenders if you want to PM me.All the best,Jerid

Don’t know your financial’s, but you will outstrip your collateralization fast.

Did you just straight up refi the properties and pull your equity or use the properties themselves as collateral on like a hard money loan??

The LLC can be the borrower on the loan with the asset (real estate) as collateral but you will almost certainly need to personally guarantee the debt (similar to being a co-signer).

One thing that was suggested to me was to use the property I own free and clear as collateral instead.

The terms are recorded in the operating agreementAll LLC partners sign on the construction loan and the land equity is used as collateral.

This is commonly known as cross collateralizing.

He tried other lenders with no luck and put his truck title as collateral.    

The only interest held by a bank in REO, unless they got a deed in lieu, is that of a lender having a collateral interest, which might be the issue with title companies not wanting to insure properties.

I was quoted a 50K personal loan for 7 years @ 9.99% that would only cost me ~ $850 a month with $0 down, no collateral, and no early payment fee.