Investor · Los Angeles, CA · Member since 2016 · 256 posts · 110 votes
Hey BP, I'm buying my first property using my LLC and Im curious about pulling money out as a company vs an individual. If your portfolio consist of properties own as a LLC and you have refinanced one or more of them, please share. Will I be better off buying as an individual if pulling money out is apart of my goal? will I have any problems buying as a LLC?
Thanks BP
Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
8y
@Mel Hayes Mostly conventional loan lenders won't lend on LLC name. If you want conventional loan it has to be individual name. Commercial lender does lend on LLC name.
Rental Property Investor · Houston, TX · Member since 2017 · 31 posts · 7 votes
8y
Hi Mel. I’m sure every lender differ and you’ll get different responses. My personal experience, I was able to refinance a property I own in an LLC and get cash out. The bigger banks were harder to do it. A local credit union was more than happy to refinance but no cash out. I did find another smaller bank locally that did allow the refinance and cash out. So, my response would be to shop around and talk to different lenders. I talked to multiple banks before finding one who was willing to do that for me.
Hi Mel. I'm sure every lender differ and you'll get different responses. My personal experience, I was able to refinance a property I own in an LLC and get cash out. The bigger banks were harder to do it. A local credit union was more than happy to refinance but no cash out. I did find another smaller bank locally that did allow the refinance and cash out. So, my response would be to shop around and talk to different lenders. I talked to multiple banks before finding one who was willing to do that for me.