Cash Out Refi-Property held in LLC

[Kay Nealis]

Hi All:

Here is the scenario:

• Purchased SFR rental properties 1 year ago for cash
• Properties held in an LLC for asset protection purposes
• Bank said need 1 year seasoning on properties to finance, so far so good
• Then bank says: can't refi while in LLC, must be in personal name
• I agree to move properties out of LLC
• Bank says: Since there is a title transfer, you need to hold in your name for 6 months before we can finance
• I say: What?!!
• Since then I have read about Delayed Financing Rule: will it work for me?
• I live in Oregon, but rental properties are in Oklahoma
• Any advise is appreciated!!