Portfolio loans/Cash out refi in St. Louis

5 Replies

Hi Everyone, 

I'm going to be making offers on my first properties in the next 2 days or so and was wondering if anyone knew of good banks/Credit unions in the St. Louis area that have good rates and terms on cash out refi for LLC's and/or good terms on conventional loans for LLC's. I've only talked with 1 bank/2 CU's so far, but neither had anything good, 65/35 15yr fixed starting ~4.5% and with no cash out option, or just flat out don't do loans to LLC's.

I've considered doing the loan in my personal name to start also, but would like to keep it in the company as added protection. Anyone in the StL are got suggestions? 

p.s. Anyone know a good RE Lawyer they can recommend in St. Louis, I want to have one I can talk to just in case. 

@Donald S.

From what I understand, most STL area will give loans to individuals, but your company needs to be established for it to be considered for getting a loan.  American Eagle Credit Union wont even give a company a line of credit unless it has existed for a year.  That said, a rep there said they do have a portfolio loan at 20 years, if you havent talked to them yet.

Frankly, I havent had the time or energy to go bank fishing yet.  It is exhausting and frustrating.

@Kyle Eckert I understand, just talking to the 3 I did was not what I'd call fun. I've also considered buying it in my personal name and then having the LLC rent the house from me. My CPA suggested that for S corp entities, but currently I'm just a Sole Prop. I'll have to find a RE Lawyer and see if doing it that why will give me the added protection I'm looking for, or if I just have to risk it and hope my insurance policy covers me.

@Donald Shaver, look up American Bank of Missouri. I don't know that their terms are much better, but I'm pretty sure they'll lend to an LLC. Also, I got conventional loans for my first two properties, and while the lender I used wouldn't lend to an LLC, they flat-out told me, "You can always quit claim the properties to your LLC later." While there is a due-on-sale clause that some people worry about, I've heard very little about lenders actually caring as long as they're still getting their payments every month.

As for an RE Attorney, I've been working with John Banjak. His office is in Clayton. I can message you  more details about my experience with him, if you'd like. He's be really great so far.

Hi @Donald S.

Any update on finding a lender?  How did the offers go?

Thanks,

Bob

I found a couple places that would do the finanacing needed for a BRRRR, but so far haven't found the right property. The one I thought I'd be making an offer on took his property off the market the day after I posted this.

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