Getting a LOC when home is owned by LLC
Hello all,
I've been searching for the answer to this problem for a while, but I can't find anything definitive. I know I'm not the only one with this issue, so I hope some of you have some good information for us!
I have one rental property (and another in contract) that are owned by separate LLCs. It is for liability reasons. They are STR in the smokies. I have commercial loans based on DSCR. My husband and I are the only members of the LLCs.
That market is RAPIDLY appreciating, to the extent that the property I closed on in April is absolutely worth more now. And I'm doing some value-add improvements on the home in contract, including a kitchen remodel.
I want to get LOC on both homes in early 2022 to fund the next purchase(s)...let's just say the market either continues to appreciate, or stays stagnant at the very least.
****How do I get the equity out???****
The first lien on each property is not in my name, so I'd assume the LOC wouldn't be in my name, either. Is this just a commercial equity line of credit situation? And, if so, does ANYONE have any lenders that can do this? They would be able to see that they are income-producing properties, since I will have filed my tax returns at that point.
TIA!!!!