I have a property which is held by an LLC and has a mortgage on it. I’d like to refinance within the LLC to pull some cash out. I’d like to do the refi at 80%, which is about $40k over what I currently owe on it, according to a recent appraisal. Unfortunately, the company that currently holds the note, IndyMac, says they no longer do loans to LLCs. I’m having trouble locating a lender that will do this deal. Seasoning is not an issue. Anyone know a lender that’ll do a refi in an LLC? I don’t mind a personal guarantee (700ish FICO), I just want the property to stay in the company name.
As a hard money lender I found that most of my clients were unable to refinance under their LLC. We usually had to deed the property to their personal name; however, if you have judgments or liens those will then attach to the property.
Sorry, I don’t have a lender to send you to. But you might want to look into deeding it to your personal name, and how that would affect seasoning.
Wachovia will do it as well if it is a jumbo loan.
keep asking around. I have a guy in TX. don’t know where you are.