1.35 Mill Refi Shopping

[David de Luna]

I am taking over as managing member, of the LLC that I have been a minority member of. This LLC has as its sole asset the 37 unit apartment complex. I will assume the role of managing member, I may or may not add my wife as an additional member, and the seller is dropping off the LLC, leaving me complete control over it. As an option, he is also willing to remain as a minority member if that will facilitate the refi as long as he is not a guarantor.

The LLC has a 1.35 million loan that is current and I have the appraisal for 1.8 mill dated 1/8/2020. The plan is to immediately refi and pay off the loan (that I am not a guarantor on, as I am a minority member), replacing it with a new one. I'll consider any program that meets the following priorities - First Priority: sufficient LTV to cover closing costs, 2nd: Fast close. No cash-out. I would like to hold it but the program that matches the priorities will dictate whether I hold or flip.