All Forum Posts by: Tarik Turner

Sounds like you have been speaking with conventional lenders. you may need to look into portfolio loans for this project

You can always apply for stated income loan options. Most portfolio lenders do not require personal nor business tax returns to lend on investment properties - The issue is most portfolio lenders will not lend on owner occupied (Residential) properties so house hacking may not be an option

Why are you taking the property out of the LLC for the refi?

Usually when it sounds too good to be true it is...  Unless they have a solid reputation 

What are the details of your deal. 

That may evoke more responses 

Portfolio loan would be your best bet if you needed a loan on a property asap

Are you in search of a primary residence or an investment property 

Depending on the lender requirements it can get done. You would form the LLC for the purchase then sign off on an acknowledgement that your partner is allowed to take out a loan for a property in The name of the LLC . (also have this stated in your operating agreement)

The property would be held in the name of the entity but your partner would be the sole guarantor..(not all Lenders allow this strategy) 

It can be a full recourse loan but a non reporting loan... the two are not tied together  

Not a credit expert however we tend to ask borrowers to submit a free credit report so they can avoid a hard pull prior to issuing terms.. That way if the client doesn't agree to terms then there would be no hard pull.  Maybe next time you shop around for a loan see if you can at least get a quote based on a free credit report and if you agree to the terms then sign off on the credit authorization form for a hard pull.  

(on a side note free credit reports tend to be slightly higher than an actual hard pull but it gives your Lender parameters to work with)