Portfolio Refinance on Single Family Rentals owned through LLC
My partner and I purchased a single family home through our LLC (commercial loan) in October of 2020. At that time, we paid $55k for the home and it appraised for $72k. Since then the market has increased and we put some work into the home. We also own another home that is free and clear of any mortgages. However, this home was appraised in April of 2021 for $60k. Between the two homes, we owe about $36k and they are worth at least $130-140k between the two. Both homes have tenants with 2 year leases with a combined gross income of $2000/month. We have been calling different lenders and are getting very different responses. One lender was not willing to combine the two homes into one mortgage. Another one was willing to combine the two homes into one mortgage but they had a a low LTV of 50%. Does anyone know of any type of Commercial Cashout Refi options? Both homes are in Flint, MI TYIA
P.S We tried to do this last year and found a lender willing to work with us, but later found out that one of the two homes had to appraise for at least $75k and our appraiser (from a different area) appraised the home for the same value it appraised for at our original time of purchase ($72k). With that being said, we were not able to complete the transaction. Thank you!