Refinancing from an LLC I own
Hi all, I remember hearing a BP Podcast about refinancing properties, there was a comment made about refinancing out of an LLC that you own - as long as "your arms length away", but this method was not expounded upon.
My lender will only refi 65% of the purchase price/apprised value (whichever is less) if we own the property less than 1yr, and 80% LTV after 1yr of ownership. However, I'd like to refinance out of this property immediately with as much of my cash back as possible; here's the question; How can put the property in an LLC I own at the initial purchase and still be "arms length away" enough so that the bank will allow me to refinance/buy out the property at a higher LTV into my personal name?
Any advice is very much appreciated! Thanks in advance!