LLC cash out refinance
My friend/business partner and I purchased a two family investment property using seller financing about a year ago. It's a 50/50 split partnership. I recently inquired about doing a cash out refinance and was told it can't be done because we are in an LLC and it's a 50/50 split. It can only be done if someone is majority owner (51% or more) or we change the way title is held. We can refinance the house but cannot take cash out. We need the cash in order to purchase our next property. Does anyone know if this is accurate information and if so, any insight on how to handle this situation. Are there other options or alternatives? Two factors to consider, We are not apposed to refinancing out of the LLC and a HELOC is not an option because there is a time limitation on the refinance, which is fast approaching. Thanks in advance for any help!