Commercial Lender Needed

[Nathan Harden]

Hey BP!

I have 3 SF properties in my portfolio. I am looking to do my first refi (woot woot)! I am running into brick wall after brick wall.

Here is my situation. I own 3 properties in Canton Ohio, I currently live In WA state. The 3 properties are owned my LLC. I will have 1 year of landlord experience this October, 2023. The houses are worth roughly $85,000, each.

For one reason or another, I have not been able to find a lender that will lend to me either because I am out of state, they are owned under an LLC or the value is not over $100,000 for each individual property. I do not want to go Fannie/Freddie because I want to keep these properties in my LLC and the debt away from my name.

So my question is, who out there can help me refi these properties so I can rinse and repeat? THANK YOU!

[Caroline Gerardo]

CMBS/commercial does not touch those low dollar amounts.

Any lender is going to report on your name, even hard money does when you late pay. Anonymous is a fallacy. 

Without 2021 2022 returns demonstrating they cash flow... DSCR or Bank statement loans are your options. Rents for each are $900? You also need some reserve cash in checking and good to great FICO score.

Cost to do small loans is going to make your blood pressure rise. Minimum 2 points $1600, title/escrow $1890/+ impounds/$500 appraisal/ tax recording... we are talking $4000 minimum for each.