I own a 4 unit multifamily and I'm about to start the process of a cash out refinance on the property in Oakland CA, in the San Francisco Bay Area. Does anyone have any recommendations for commercial/portfolio lenders that they have used before for an LLC cash out refi? The property is currently in my name however I will be wanting to put it into the LLC name either during or after the refi.
@Taylor Matthews why don’t you open a “line of credit”? It is faster, cheaper and you will have access to more money.
If that is an option, contact local banks or credit unions in the area
@Oleg Shalumov don't line of credits only apply to the maximum amount that you pulled your loan out for originally? EX: My initial appraisal value was $610k on the home. The line of credit would go off of that appraisal correct? Or would I get a new appraisal for the line of credit based on the renovated value of the home?
@Taylor Matthews it should be at least the same amount as what you are get doing cash out Refinance.
The bank usually like to send their appraisal to get the value.
Hi taylor . Happy assist and network .
@Taylor Matthews ...Besides put in your LLC or lend to your LLC, what else are you trying to accomplish? What's the LTV you're trying to obtain? Does the property cash flow well? Are you looking for bank financing or open to other options? I'd like to know more information.