Can you cash-out refi under an LLC ?

Question

I am curious to know if you can cash-out refinance under an LLC?

Johnson Joseph · Answer

@James Wise

Make sense, great insight thank you for sharing!

@Kent Kiess Yes if you don't mind that would be great!

Thank you both!

Kent Kiess · Answer

@Johnson Joseph yes there are mortgage companies that specialize in just that. Let me know I have a great contact for you.

James Wise · Answer

Not if you want to get those lovely 30 year residential terms. My advice to new investors is to buy in their personal names utilize their available 10 residential mortgages. Get 1 on your personal home and 9 on rentals. From there move on to bigger commercial deals in an LLC either on your own or with other partners.

Stephanie P. · Answer

@allan szlafrok

where are you looking?

Johnson Joseph · Answer

Got it! Thanks for the insight @Allan Szlafrok

Allan Szlafrok · Answer

@Johnson Joseph Yes I do it all the time but you won’t get those low rates offered to regular home buyers and most loans offered will be commercial loans with a 5,7,or 10 year term. That being said it’s still worth it and talk to local community banks when you are ready to do so I find them much easier to deal with as they take the time to understand my business.

Johnson Joseph · Answer

@Jarod Dudley

That’s great!

Yes, I am in Los Angeles, that would be great to meet and chat more.

Johnson Joseph · Answer

@Jerry Padilla

Typically, what type of banks or lenders should I look into?

Johnson Joseph · Answer

@Jarod Dudley

The property I was looking to purchase was a 3 family turnkey property fully occupied with tenants.

Jarod Dudley · Answer

@Johnson Joseph

That’s great, as long as it cash flows you should have no issues getting a loan at 80% LTV.

I noticed you’re in Los Angeles like myself if you want to meet up to chat about loans message me!