3 perfectly purchased BRRRRs but cant find lender for refinances
My partner and I closed on our first 3 rental properties between March 15th and April 27th. All 3 properties were purchased with cash and placed in our LLC. We have not been able to find a lender that will cash out refi to an LLC held property. At best we have been recommended to put the properties into our names and then after refi put the properties back in the LLC. I believe that would defeat the whole purpose of the llc (pierce the corporate veil)? This was never mentioned in any of our research the difficulty of finding a lender on LLC held properties. We are starting to wish we just put them in our names. Last night i made a list of zillows top 50 customer rated lenders for my local area and i have called all 50 today with zero luck. I would appreciate any and all input! We currently have 2 more deals waiting for us to buy but all of our money is wrapped up in the 3 properties. We are hoping to find a lender that will let us refi with property held in LLC and a 75% LTV. Property details below
Property 1
110k purchase price 39k rehab 200k ARV 1850 rent
Property 2
57k purchase price No Rehab (inherited tenants) 80k ARV 1100 rent
Property 3
95k purchase price 16k rehab 150k ARV 1650 projected rent (~2 weeks of work left before ready to rent)