Hard Money to Mortgages???
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?