So its been 2 years of back and forth with multiple brokers, banks, and lending groups and to my dismay every time I start a process with anyone it always ends up with, oh we did a title search and your properties are under an LLC we can't lend to you. It is getting exhausting to keep getting the run around for so long.
The back story, we are a family owner and operated investment group with multiple single family homes spread across broward and miami-dade counties. All of our properties are under LLC's usually in groups of 2 or 3 properties per company. We have exhausted our financial resources and looking ahead we wanted to pull some equity out and keep the buying spree up. Most recently I was put in touch with a broker that understood our needs and referred us to his "loan processor" she is coming back to me now after 5 weeks of paperwork back and forth oh we ran title on the properties and they are under LLC, I lost my $#@%. So to make a long story short, its the 3rd time this is happening, why do people love wasting time, money and efforts on a loan that is not cut for them in the first place is beyond me. I was upfront, and straight forward before the process began with the originator and his processor, I am aware its difficult to find someone that does portoflio lending in these areas but my ears are open. If you have some guidance as too what I should look for or who I should call let me know!
@Adam Za sometimes I love my competition but in reality my industry needs to be much better. There's a myriad of reasons why someone might be terrible at their job but at the end of the day there are banks that will lend to LLCs. 100% guaranteed they are out there. Have you tried posting in the New York forum on this? Or have you gone to some local real estate networking groups to find out what other investors are using? Those might get you some suggestions you are looking for. Good luck!
@Andrew Postell the properties are located in Broward and Mimi-Dade counties and we are based in New York, so local networking events are a bit hard for us to attend. I know they exist, but come on people stay on track! Boggles my mind to find a processor pull credit and push all the paperwork to find out that they don't have a program that meets the requirements.
Why hasn't someone made a easy way to find out these hidden lenders that allow stipulations?
@Adam Za I would reach out to a broker to place these deals for you. There are plenty of lenders that will let you close in the name of an LLC.
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