Updated almost 5 years ago on . Most recent reply
Refi from Private Money to Conventional
Do you know the process of refinancing from a private money loan to a conventional one? I have spoke to a few lenders and they informed me that the title needs to be in my name prior to initiating the refinance although it is in my business name. Any ideas or tips/tricks on how I can do this? I thought that i could simply quit claim simultaneously to avoid the due on sale clause, but apparently, that isn't an option.
Most Popular Reply
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
- 1,152
- Votes |
- 1,571
- Posts
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
@Justin Lee Are the only owner of the LLC? If yes, you need to find a new lender who knows how to work with borrowers to do that (PM me if you need a name). Otherwise, I'd warranty deed the home back into your personal name (so your title insurance stays intact... a little trick my lawyer taught me). Shouldn't cost but about $125 (location dependent) and a couple of days. The question then becomes, will this lender now make you season the title in your name for 6 months. That's where I would circle back and find a better partner to work with.