HML only close in LLC. Lender won’t refi In LLC.

[Rigo V.]

So I am looking to buy a foreclosure. I need to get a HML since the property needs a bit of work and a conventional loan won't work.

The bank I found to do an 80% ARV cash out refi doesn't close LLC's unless it's a commercial loan.

Do I need to find a new bank to make this transaction work?  

[Mark Creason]

@Rigo V.

Any loan closed in the name of your LLC will be a commercial loan. Fannie, Freddie, and FHA do not do loans to an LLC.

Mark