Duplex held in LLC (Milwaukee)
My partner and I bought two duplex's with cash in Milwaukee and complete the transaction as an LLC. We would like to get out cash from the properties now but are having the following issue:
1.) Conventional loans not offered to LLC's
2.) If we "quick claim" out of LLC into our names we have to wait 6 months with Conventional Loans
3.) If we "quick claim" out/in of our names we are being told that the protections of the LLC is negated?
4.) Lenders willing to lend less than $75,000
With that said, questions for the group:
1.) Has anyone been in the same position and willing to share there solution?
2.) Portfolio Lender in Milwaukee/willing to lend in WI on loan amount~$45,000
Thanks in advance!!!!
David