All Forum Posts by: Ryan O'Mara

You can certainly do a cash out refi under your LLC. Banks can be hesitant to do cash out sometimes and may not let you do it with LLC.

Still many options with non-bank lenders.

There are non-bank permanent lenders who would consider this.  Does it need rehab or is it stabilized ?

You may find a local bank who would consider this, but not likely.  Every commercial lender I work with will only lend off the purchase price, no matter how great a "deal" you're getting.  

@Brian K. Just b/c they are foreign nationals doesn't mean they can't get financing. There are lenders willing to lend. LTV may be greatly reduced (usually 50-60%) but it can be done.

DSCR is specific to a particular property and is not affected by any other properties you may own. It is simply a calculation of how much income the property generates in relation to it's ability to service the debt on the property.

@Megan Hirlehey  There are lenders who will lend on 1-4 unit properties and not require W-2 income.  PM me for details if you like.

I have one lender who offers a full 25 year fixed rate on pure commercial properties.  But most lenders do not do this so yes, 3,5,7,8,10 year terms are more common.

He could get up to 75% LTV cash out from refinancing the property.

I would recommend a bank alternative perm lender that won't consider DTI but rather DSCR. Rates are higher than banks but much more flexibility in underwriting guidelines.

Is this your personal residence or an income property? I could only help with non-owner occupied properties. I work with lenders who lend to foreign nationals. Often the LTV is lower but it can be done.

PM me for more info.