Refinance a house to pay back my personal HELOC
I purchased a bank owned SFH earlier this year and rehabbed it with money from my personal residence HELOC. The house is in an Llc and I am looking to finance the house to pay back my HELOC. So far in contacting local banks and credit unions, I have learned that credit unions won’t finance to an llc and banks are pretty limited. I have found one bank that will do a 20 year am with a 5 year refi at 5.5-6%. Another bank (that I have worked with on another house and the HELOC) will only loan about half of what would be needed to pay back the HELOC. Most are suggesting to take it out of the llc to get a 30 year with better terms and then transfer it over to the llc later. (I did this once with an approval letter from the bank to guarantee they wouldn’t call the loan).
I am looking for suggestions on what to do.
1) Just keep the house paying down the HELOC.
2) Find a bank to loan to the Llc with decent terms (suggestions for this)
3) take the house out of the llc and get conventional loan
Right now, my properties are there to pay themselves down. We do not live on the cash flow or use it. Eventually we will have these paid off to fund the next homes.
Thanks