Refinancing a STR that’s in an LLC

[Bob Manning]

Hey BP,

I own two STR's in a New England ski town. They are both in an LLC. I purchased the 2nd property with a HELOC and now want to refinance to pay the HELOC off. I've owned the property for a year and it's been a great rental so far in year one.

I spoke to a lender up there and was told that Freddie or Fannie will not do a residential refi on a rental property that's in an LLC. This is the first I've heard of this, however I'm relatively new to REI. I'm wondering if putting the property in the LLC was a mistake so soon. I feel like a lot people have their rental properties in an LLC and refi. Am I missing something here???

Thanks for reading