Refi Questions regarding my investment property

[Joshua Kavadi]

Hi All,

I am doing Refi for my investment property with the lender . The title company called me and asked me to do a QUIT CLAIM deed from my LLC to my personnel to Refinance my loan . I am doing it .but I wonder what kind of additional docs they would ask me ? My property is not occupied yet as I am marketing it for the new tenants to move in .

please suggest what kind of docs would underwriters ask once I submit my new deed approve my new refi loan

thanks for helping me out.

Joshua

[Scott Chilton]

Joshua, pause before you sign.

When they ask you to quit claim from your LLC to your personal name, it usually means they want the loan strictly in your name. That is common for conventional investment loans. Once it is in your name, underwriting will look at everything personally.

Expect them to ask for personal tax returns, proof of income, bank statements showing reserves, current mortgage info, updated insurance in your name, and the appraisal. Since the property is vacant, they may not give you full credit for rent until you have a signed lease.

The bigger issue is structure. Moving it out of the LLC affects liability and long term planning. Ask if you can deed it back into the LLC after closing with lender approval. Many investors do that.

If the refinance improves cash flow or lets you safely pull capital out, it can make sense. Just make sure you understand exactly what they require and how this fits into your long term plan before moving forward.