All Forum Posts by: Kay Nealis
Kay Nealis has started 1 posts and replied 2 times.
Post: Cash Out Refi-Property held in LLC
Kay NealisPosted
- Real Estate Investor
- Jacksonville, OR
- Posts 2
- Votes 0
Thank you Jon!
What about the "delayed financing rule", apparently a Fannie Mae program that allows you to borrow on properties you have owned 6 months or less as long as you paid cash? Any information? Regular bank/broker? Since they want the properties in my name and not the LLC, the title change alters the length of time the properties are held to the day the change takes place, which makes it under 6 months. Any advise is appreciated!
Post: Cash Out Refi-Property held in LLC
Kay NealisPosted
- Real Estate Investor
- Jacksonville, OR
- Posts 2
- Votes 0
Hi All:
Here is the scenario:
- Purchased SFR rental properties 1 year ago for cash
- Properties held in an LLC for asset protection purposes
- Bank said need 1 year seasoning on properties to finance, so far so good
- Then bank says: can't refi while in LLC, must be in personal name
- I agree to move properties out of LLC
- Bank says: Since there is a title transfer, you need to hold in your name for 6 months before we can finance
- I say: What?!!
- Since then I have read about Delayed Financing Rule: will it work for me?
- I live in Oregon, but rental properties are in Oklahoma
- Any advise is appreciated!!