Woodbridge, NJ · Member since 2015 · 42 posts · 2 votes
Hello BPs,
Does anyone recommend a bank/lender in PA who can do Line of Credit on an investment properties held under LLC? I tried Wells Fargo and Chase but they both shot me down. They need the properties in personal name, not under LLC in order to do HELOC.
I am also open to the Cash out Refinance and trying out banks right now. I would appreciate any opinion/suggestions.
@Harshil Kakadia Mostly conventional lenders will cash out on personal name. If you want to keep the property on LLC name you have to contact commercial department.
@Harshil Kakadia Mostly conventional lenders will cash out on personal name. If you want to keep the property on LLC name you have to contact commercial department.
@Harjeet Bhatti I tried the commercial department too, but they just do not do it for rental properties under LLC. Does MB financial do cashout refinance?
Not many banks or any that I know will do it. You may have to use non prime hard money if you looking for terms close to bank rates. They usually start at 5.25%.
@Harshil Kakadia there are a few here in Pittsburgh that will do an unsecured LOC for an LLC. We just got one for $100k. I also was just approved for another one for $40k unsecured on another LLC. Key Bank has been very easy to deal with. There is also another lender but the rates are close to double digits.