How can I refinance a home into an LLC?

Question

I purchased a SFR rental property with a hard money loan under my name and am looking to refinance, but under an LLC. Am I able to do this and if so, how do I go about doing this?

Reggie Rearden · Answer

Just like @Kim Meredith Hampton stated, most lenders can do this. I'm actually adding my very first SFH I purchased in my name into one of my LLC's and pulling the equity out as a portfolio loan. I'm doing this next week. Some lenders will direct you to their commercial department for anything in an LLC. As for ours, he said to get my LLC info to him anytime before closing.

Kim Meredith Hampton · Answer

@Jeffrey De Los Santos

You should be able to refinance the loan in your name but the property itself can be in the LLC name. Most lenders should be able to do this for you. Look at it as 2 separate things when your refinancing into a conventional loan. Financing in your personal name, property itself in your LLC. Most residential lenders want this in your name for a seasoning period of six months.

Wayne Brooks · Answer

@Jeffrey De Los Santos It is now much easier than in the past, without risk.  Fannie Mae loans now specifically allow you to transfer title to a single member llc after financing in your personal name....by far, a better route than a commercial loan.

Erica Osborn · Answer

@Jeffrey De Los Santos You can place a commercial loan on it in the name of your LLC, the terms are different than a residential loan, but this is the proper way to do it. Seek out commercial financing, a residential loan lender will not be able to do this. That way your investment, insurance, and loan will all be with your LLC. I am not an attorney, but the whole point of putting it in an LLC is to limit your liability. From my understanding, having everything to do with that property in the name of the LLC is the way to keep that liability limited. Please consult your attorney! 😁 Go get 'em!

Jeffrey De Los Santos · Answer

@Kim Meredith Hampton Good to know. Thankd!

How can I refinance a home into an LLC?

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