Where do I find a bank to do a cash refi on a hard money loan?
Hi all, I'm still pretty new to this so i apologize if this is basic information, but I'm hoping someone can help me. I'm currently looking for distressed MFH's that I can purchase using a hard money loan and then rehab the property. I've already found my hard money leander and have been pre approved for a rehab loan. The HML lender i'm working with requires an LLC or business entity in order to obtain the a loan, which I also have. The problem I'm running into is that I'm trying to form my exit strategy before I buy my next property. The problem is I'm having a hard time finding a bank that would be willing to do a cash out refi (given the property is seasoned) if it is held by an LLC. The banks i've talked to said that it would have to be in my personal name before they refi the property. So I'm confused if my HML requires a LLC in order to get the rehab loan and the banks won't refi a property held in my LLC, do I transfer title to my name? What am I missing here?