How to issue mortgage to myself so I can refinance at 80% rather than 75%
So I want to purchase a property with cash and then refinance immediately. If I do this I can only do a cash out refinance at 75% LTV. However, if I have a mortgage I can refinance at 80% LTV.
I don't have any private lenders to be able to do the initial purchase with otherwise I'd go that route. So I'm trying to figure out how I can issue a mortgage to myself (as a private lender) so I can keep the benefit of buying cash, and be able to refinance at the higher rate.
Is the only way to do this through an LLC?
Has anyone else ever done this?