What loan can I get with an LLC

[Nicoló Tossici]

Hi, I bought my first rental property with an LLC. We are three partners. What should I do to finance my second property? I tried to speak with some small banks about a cash-out refinance on the first property (we own 100% equity). They told me that we are not approved because we do not have enough personal income.

Moreover, I tried to speak with two private lenders for a loan (not a cash-out this time) and they told me they do not give loans to LLCs. What should I do? Do you guys have advice?

[Issac San Miguel]

Quote from @Nicoló Tossici:

Hi, I bought my first rental property with an LLC. We are three partners. What should I do to finance my second property? I tried to speak with some small banks about a cash-out refinance on the first property (we own 100% equity). They told me that we are not approved because we do not have enough personal income.

Moreover, I tried to speak with two private lenders for a loan (not a cash-out this time) and they told me they do not give loans to LLCs. What should I do? Do you guys have advice?

Hi Nicolo,
As a direct lender we work with only business entities such as your LLC. 

I’ll shoot you a DM to answer any questions you may have. 

[Nick Belsky]

@Nicoló Tossici

Never heard of a private lender that won't lend to an LLC... but that doesn't mean they aren't out there.

There are plenty of lenders out there who prefer to lend to LLC and/or will lend to individuals. Shop around or get in touch with a mortgage broker. We know many lenders and can often find you a viable solutions if not several.

Cheers!

[Sasha Mohammed]

@Nicoló Tossici we do non-income qualifying loans for investment properties all day long, and our lenders typically prefer you close in an LLC. Instead of using your personal income to qualify you, they will look at the property as a business, and qualify the loan off of the rental income vs carrying costs, not your personal ability-to-repay. Feel free to reach out if, i'd love to see if we can help! We are a brokerage and specialize in this loan type, so we have quite a list of lenders who work on these :) we'll find one that meets your specific needs.