Updated over 1 year ago on . Most recent reply
CA LLC needs to borrow $80k-$100k for 2-3 years secured by $600k in SFR FL rentals
My California LLC is owned my two siblings and me to fund our children's education. We have two performing rentals in Florida which the LLC owns free and clear. We need to borrow $80k-$100k for 2-3 years to cover a cash flow deficiency will will have while 2 of the kids are in expensive schools at the same time. Banks, residential mortgage lenders, and credit unions do not have a product for us. The rental homes produce over $50k in gross rental incomes, $32k net. Preferably, we would like a DSCR loan secured by the rental properties. A line of credit would ideal and interest only would be ideal, too. But we are flexible. The two homes are worth over $300k each. Any advice on who offers a product for us?