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Updated over 6 years ago on . Most recent reply

User Stats

14
Posts
3
Votes
A Xiong
  • anchorage, AK
3
Votes |
14
Posts

Hard Money to Mortgages???

A Xiong
  • anchorage, AK
Posted
Hi everyone I have a situation hopefully someone can help. I found a 4-plex for sale, and I will be using a hard money lender(HML) to finance the property. The HML will pay for the purchase and the renovation if the purchase price is less than 65%, which it is, but they will only fund the project as a business loan for an LLC. I have the LLC set up and everything but how would I go about to refinance the property to take out some of the extra equity after the repairs? For example: Purchase price- 200,000 repairs- 50,000 ARV- 400,000 Equity Available- $150,000 I talked with a few lenders and they said they would have to stay in the business and commercial lending side because the property is in the LLC, if I decide to go that route they would be able to do a rate & term refinance. How would I get the property transferred into my name legally? Can I just do a quitclaim deed? or should I just keep the property in the LLC? What loans would you guys recommend?

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