I was wondering if any of the Augusta, GA, area investors have had much luck working with local lenders while running their real estate business through an LLC? We're planning on working the BRRR strategy, using our business LOC to fund purchases and repairs, then refinancing to pay of the LOC and pull out some equity. We were looking for someone who could keep the loan in-house and be okay with us quit claiming the title of the home over to our company (and say as much in writing). Georgia Bank & Trust had great reviews, but their recent buyout seems to have "creative lending" on hold for a few months.
I've looked into Dwell, Lima One, Colony, and B2R a bit, but I wanted to exhaust local options before going that route. Any advice would be much appreciated!
Haha, that's what I've gathered over the past few weeks of talking to them! I'm okay with personally guaranteeing the financing, but I do want the property to be owned by the LLC. I really wanted someone keeping the loans in-house locally so that I could get an assurance they wouldn't call the due on sale clause - just not willing to risk trying that after a loan is sold off to a bank I don't know.
State bank, fifth & third bank, Augusta First Bank & Trust. You should find success in one of the three.
I like this plan a lot and I had one question, well, more like a few...
Where does the quit claim come into it? Would you be buying it in your personal name in "cash" from the business LOC and then quit claiming it into your LLC after securing 30 year conventional refinancing terms?
Cheers and thanks,
@Malik Welch - thanks! I'll get in touch with them today.
@Garrett M. - I'm not even sure a quit claim needs to come into it, to be perfectly honest. What I'd like to do is buy it in the name of the LLC up front (LOC and one property is in LLC's name), personally guarantee the refi loan, and not have to touch the title again.
@Joel C. , did you ever come across a lender you liked working with? Any luck with credit unions by chance?