I bought several (rental) town houses and paid one off.
This was formed into an LLC for assets protection as I paid it off.
Now I'd like to pay down another and refinance with the equity from the LLC.
Am I able to do this legally (vague knowledge on legal acquisitions)?
It's been suggested that the loan from the Bank can't be sold to another lender. So do I just need to refinance the Loan from the original Bank using the equity in LLC? Will this affect the rate expected on the loan given it's an LLC and not a personal loan?
I’m not exactly sure the ramifications of buying with the business and purchasing the houses as a sole proprietor.
I understand that the interest rates are different when asking for a business loan l, which is why I bought the property in my name to begin with. Wouldn’t a good track record afford someone a better loan rate even if it’s a business loan?
Learning the business,
Thanks for any advice and guidance.