Our LLC owns a duplex (worth 65k) and a SFH (worth 50) outright. We paid cash, fixed them up, and they are rented out for about 6 months now. We are trying to pull the equity out of them in the form of a 30 year fixed. But after talking with 5 different mortgage financing companies, 3 banks local to me (including my banks), and 5 banks local to the properties, nobody can do it. Either the loan would be too small, or because its owned by the LLC they cant get a conventional, Heloc, or anything (even if transferred to me personally), or something else or another. Credit is over 750, no problems with finances.... What's next?????? Grrr. Any advice is appreciated.
Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
5y
Talk to a commercial lender. You won't get as good a terms but they won't have a problem with the LLC. Ours does 5 year adjust with 20 yr amortized with 25% down.
Investor · South Pasadena, CA · Member since 2013 · 23 posts · 12 votes
5y
@Jeff Wright I'm having a similar issue, particularly the low amount. I have excellent credit (over 800), equity, good rental income, but the amount is too low for the lenders I've contacted. I would love to take advantage of the lower interest rates, but it seems they don't apply for investors, or I haven't cracked the code yet. My properties are also in an LLC, which is an issue with many mainstream lenders. I hope you get some good answers!