Updated over 8 years ago on . Most recent reply
Looking for a lender that will cash-out refinance under an LLC
I'm doing the Brrrr strategy under an LLC and i'll be buying a house all cash. Can anyone recommend a bank, credit union, etc. that will do a cash-out refinance after the remodel under an LLC? I have a lender that will do a cash out refi with a seasoning period of 6 months but only if it's in my personal name.
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Joshua
It looks like you've been doing this for a little while now, so conventional commercial financing should be your first choice. It will cost less in rate and fees. Go to your local bank or the place where you do your banking and speak to their commercial loan officer. Ask them how long it's going to take to get done and if it's longer than 30 days, find a portfolio lender that can close faster if that's what you want.
There are many hang ups to going the regular commercial route; length of time self employed, full doc may not work because you write stuff off or the DCR may not work etc...
If you want a portfolio lender, there are several out there that offer no income verification, no seasoning, and no specific length of time self employed.
Hope this helps,
Stephanie