Updated about 8 years ago on . Most recent reply
refinancing a single-family purchased in an LLC
Newbie alert! My husband and I just purchased a single-family to use as passive income in March 2018 by using money from a HELOC from our primary residence. We purchased the single-family using our LLC, but now we want to refinance it so we can use that money on our next property. The bank told us they could only refinance if we close in our names instead of the LLC. Is that typical or should we keep looking for another bank? We thought we were following the correct steps by using our LLC to purchase the property, but should we have purchased it in our names and then transferred it to the LLC? If so, is there a wait time before you can transfer (probably not the right term!) to the LLC? We live in Cincinnati, OH, and the property and the bank are in Indiana.
Shari Wagner