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Updated almost 8 years ago on . Most recent reply

User Stats

108
Posts
43
Votes
Rob Terpilowski
  • Investor
  • Seattle, WA
43
Votes |
108
Posts

BRRR, bought in LLC, transfer to personal for refi (6-month wait)

Rob Terpilowski
  • Investor
  • Seattle, WA
Posted

I purchased a distressed property and took title as my LLC. I was told that in order to obtain conventional refinancing once the project was completed I would need to transfer title to my own personal name, complete the refi and could transfer it back to my LLC.

I get to the point now where the bank is ready to do the refi, and they are now telling me that Fannie/Freddie rules require that the title be in my name for at least 6 months before they can refi it w/ a conventional loan.  This is the first that I have heard of this, and if this is the really the case, why isn't it all over the place on the forums and podcasts....  When BRRRR-ing a property, do not take title in an LLC if you want to refi w/ conventional financing in 6 months.

Thoughts?

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