Im trying to pull the equity out of an investment property without pulling it out of the llc for 6 months; as required by fannie mae guidelines. I’ve been searching but no luck. Is anybody familiar with any small banks that do NOT go by this fannie mae guideline?
Start looking for a local state bank that portfolios all of their loan. Your not going to get a 30 year fixed as these types of banks need to churn their capital more often but you should be able to find someone to get it done for you.
It depends on what 6 month requirement you are referring to:
30% equity or 6 month reserves: This is a requirement without loopholes. Though I would expect that having 6 months worth of reserves would be considerably less than 30% equity in many properties.
6 months before a resale: Have you considered a home equity loan. HELOCs on investment properties come at a much higher interest rate and not all lenders will write them. Though it is an option.
You may want to contact a mortgage broker. They will know right off the top of their heads who is doing what you want. If nobody is then they can give you help in the structure that best works for you.