Refinancing an LLC in New York
Good evening everyone,
I have a property that I am closing on this month in New York with the strategy of Buy Renovate Refinance Airbnb/ STR.
I realized that it is a little tricky to refinance an LLC that's Single family as you will be given commercial rates. For those who have been in a similar position, what would you say is the best way to go about getting a 30 year amortized fixed loan on an LLC and why? Thanks!
Most Popular Reply
@James Luctamar "direct from their balance sheets" means that they hold the loan on their books and don't sell it on the secondary market. That means they get to control the underwriting process and don't have to abide by the typical lending criteria. This is what makes it possible for them to potentially lend to an LLC where bigger, national banks cannot.