cash out refinance for llc in Houston tx

cash out refinance for llc in Houston tx

Member since 2019 · 8 posts · 5 votes

Hello bigger pockets members! I am looking for a property to brrrr, this will be my first property but first I want to find a bank or credit union that will do a cash out refinance. So far today I have tried one bank and I got a big fat NO! no matter what plans I proposed. I plan on making more calls tomorrow to other banks. I just thought about asking on bigger pockets if anyone knows of a bank/credit unions that offers this to properties under an LLC.

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  • Real Estate Agent · Philadelphia, PA · Member since 2017 · 184 posts · 87 votes
    6y

    Commercial loans are an option. I've been told that in my market Trident Mortgage will do cash-out refinances on properties owned by a LLC. Not sure if they operate in Texas or not.

  • George DespotopoulosBusiness Member
    Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
    6y

    @Diego Amezquita, some questions to better assist you:

    • When did you purchase the property?
    • What was the purchase price plus how much have you invested into it so far? 
    • What's your credit score range? 
    • What's the property's current value?
    • Is the property rented? If yes, do you have a long-term tenant in place and for how long have you been collecting rent?
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