Looking to refinance investment condo as LLC in Denver

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Looking to refinance investment condo as LLC in Denver

Sergey Grunt
Member since 2020 · 1 post · 1 vote

I have a 1 bedroom condo in DT Denver looking to refinance into my LLC (off my personal credit). I found local banks and am looking for some recs/rates/brokers. I went through better.com to price out an investment loan under my own name which came out to 3.5%, Wonder if anyone out there has had luck working with local banks in Denver to refi under and LLC and what types of rates they are getting.

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  • Jim BlackburnBusiness Member
    Lender · Florida Based (48 states Puerto Rico) · Member since 2017 · 321 posts · 121 votes
    6y

    @Sergey Grunt - 

    If your LLC has established credit, and you want to apply for a business loan, then sure you can apply for a loan through LLC. Rates are higher than residential conventional loans and there are no 15 fix or 30 fix options. Only 5,7,10 arms and usually have origination points.

    If your LLC does not established credit, then you need to qualify personally with personal income and credit, and go on title personally as the owner. Fannie Freddie does not lend to businesses. They want people liable for paying them back. Make sense?

    Secret: You can quit claim deed the title to LLC after closing to protect yourself from liability. :)

    954-993-1625
    Stairway Mortgage, a Division of NEXA Mortgage LLC597 Reviews
    WebsiteView Page
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  • James CarlsonBusiness Member
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    6y

    @Sergey Grunt

    We just refinanced our 1br condo in Cap Hill in Denver, as well, along with another of our Colorado Springs properties. It's nice to see those savings every month. 

    I'm not a lender, but the two lenders I work with often said what it's tough to do. I wouldn't want to do a business loan, because the rates are worse, and that defeats the whole purpose of refinancing. One option would be to quit claim it out of your LLC's name, into your name, refinance under your name and then quit claim back into the LLC's name after you close.

    As always, the best resource is going to be your lender. Ask them what your options are. If they don't have answers, find another lender. Good luck!

    [email protected]720-460-1770
    James Carlson Real Estate
    WebsiteView Page
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