How can I pull out more money?

[William W.]

Hi,

I purchased a 3 family from Deutsche Bank that had been foreclosed. I payed 110k cash and placed the home in my single member LLC. The last appraisal of the house was 180k. I've replaced all plumbing (freeze damage) and completely renovated one of the apartments. I hope to have one unit rented by the beginning of next month. I suspect it would appraise for about 200k now.

I spoke with a commercial lender today about a HELOC. He mentioned fees and rates are higher for commercial. He mentioned I'd have to use the purchase price as a maximum for the loan limit until 12 months later when he could use the appraisal amount. He also mentioned that I'd have to have cash flow from the property.

Is there any loan product that will let me pull out more money such that:

1) I can use my personal income to secure the loan instead of cash flow from the property?

2) I can receive more money then the 110k purchase price?

I'd prefer not to quit claim the property into my own name.

Thanks,

Will