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Updated almost 8 years ago on . Most recent reply

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Amit Patel
  • Chicago, IL
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2
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Chicago 4 Unit Refinance

Amit Patel
  • Chicago, IL
Posted

Hi all - 

Pretty new to all of this - currently on my second property in Chicago. Purchased a 4 unit building for a gut rehab - I have short term construction financing in place that will need a take out loan upon competition of the renovations. Total loan amount is $849k. The construction financing/purchase of the property was done using a sole member LLC. This will be a non owner occupied investment property.

Based on this information - I was hoping to get some insights on the following:

Is there anyway I can get lending for this at a 30 year fixed rate for the $849k debt as long as the appraisal comes in at 75% LTV?

In order to achieve this can I "sell" the property from the LLC (sole member) to myself? Any rules against this? Is this just refinancing from LLC into my name? Is this possible?

If you need any other information - please let me know.

Thank you!

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