BRRRR: Refinancing: Quitclaim Deeding
Looking to start BRRRRing, but after speaking with several local lenders in Alabama about refinancing properties held in LLC, it appears that most only provide adjustable loans with 15-20 years terms. These terms in addition to a higher interest rate greatly reduces the potential cash flow compared to a 30 year loan. Does anyone have experience obtaining a loan through a hard money lender, quitclaim deeding to personal name for refinancing through a traditional bank then either quitclaim deeding back to LLC or land trust with LLC as beneficiary? If so, how did this affect the loan with the hard money lender considering you're transferring ownership prior to paying off the hard money loan? Did this extend your seasoning requirement for the refinance? When in the process did you quitclaim deed to personal? Looking forward to hearing responses. Thanks.