Pittsburgh Refi with LLC

10 Replies

We have recently purchased 2 houses in Pittsburgh that were value-add renovation projects. We purchased the property with our Pennsylvania LLC with the intent of refinancing once the remodel was done and it was rented. We are at that point and have spoken to a number of banks. Only one bank has said it will refi with an LLC, but said it was a 20 year mortgage with four 5-year ARM's. We don't think that is a great idea given the rates these days. Does anyone know a bank that will do a traditional 30 year mortgage on a single family investment property in Pennsylvania that is in an LLC? We have been told that we have to transfer it into our personal names, refi, and then quit claim it back into our LLC. This runs the risk of the bank voiding the refi, and costing us about $3000 in title transfers, which is not ideal. Thank you in advance for any help.

@Alison Hallifax I am a Pittsburgh investor and have a lot of ties to local lenders. from what you are writing I feel that a 20 year amortized loan at 5% interest is very reasonable. Usually commercial loans are set up the way you have described. If you need more lenders in the area let me know. 

S&T bank does 30 yr amortization, 10 yr fixed terms for LLCs in their portfolio loan program.  They also require no seasoning period.  I know they have branches in western PA.  You may want to give them a call.