This forum is such a great resource. I have a couple of properties in an LLC and paid for (no mortgage) I am looking to get mortgage on both of them so I can get some cash to reinvest.
Everything I read says that it is very difficult to get a mortgage on an LLC, but there are some that have been successful. Can anyone share share success in getting mortgage on rental properties in an LLC. Who are the providers and what terms. ?
My other choice is to Quit Claim and put them under my name and then get the mortgage. But them I loose the LLC protection from my personal assets.
The best place to start is with local or community banks. Many are used to loaning to LLC's, especially if you are talking to their commercial lending folks (even though it's SFR).
I asked somebody who knows a bit about getting cash while the capitals are tied up in assets. This is what he said.
The refinance can be done, you do not need to quick claim the deed to your personal name, as most of loan or refinance in this case will be done with personal guarantor (you).
There are other options, you can simply go to regular bank and get a home equity line of credit or go to soft/hard money lenders to get quick refinance against the equity of your house.
Thank You everyone for your feedback. I will contact some local banks and see how it turns out.
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