Updated over 5 years ago on . Most recent reply
Non-Arms length , NOO, LLC owned, stable rents, want HELOC or LOC
House gifted. Thn transferred to LLC. Considered Non-Arm's length. Repaired. Rents seasoned 7 months. Need a HELOC or LOC? 50-60% LTV. Val $100k . Free n clear.
Conv. lender no go due to LLC.
HM says won't because LLC is 50/50 with gifted owner and considers non-arms length. No exceptions.
Owners would like to have a HELOC/LOC to buy other properties.
Not requesting lender but would like advice.