I'm looking for advice on how to refinance a single family home owned by an LLC. I purchased it in cash and am rehabbing it now; the estimated ARV is about $65k. The property is located in Kalamazoo, MI.
Any advice about the best avenue to structure financing or lender recommendations would be appreciated. My goal is to pull out enough cash to finance my next deal. (Also, I'm not interested in shuffling the title around to try and obtain conventional financing / avoid due on sale.)
@Brian E. depending on how much LTV you need I would talk to some credit unions to see if maybe the LLC could open a line of credit on that property.
@Brian E. - Hi Brian - I'm in the same situation right now. Did you find a bank that let you pull your equity out?
I didn't try real hard - People on here like to talk about portfolio lenders who may do it, but I didn't take the time to research that in my area. The few credit unions I spoke with would have handled it as a commercial loan, with higher rates & shorter terms.
Same situation here too. Did you find something on your terms or did you end up having to transfer to personal, refinance, then into land trust?
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