Looking to refi an SF investment property in my LLC name, in Pennsylvania. Any suggestions to lenders who have a program of this type available?
Thanks for your help, in advance.
–Paul
Yes, there are a couple lenders that can do this. Normally 75% ltv, minimum $75,000 loan, and must have 12 months of ownership.
What about your local banks, have you spoken to them?
The LLC is not seasoned.
I’ve contacted 3 local, even the one I have my heloc at as well as 2 Delaware banks and no one currently has any programs taylored to my request.
Very frustrating.
Sorry, I meant that you must have owned the property for 12 months. Little seasoning time on the business ownership is ok.
No, purchased property on June 13 and currently rehabing. Should be ready for tenets 1st or 2nd week of July.
then no, I dont know of a lender that could help you with a commercial loan made to the llc.
If you dont need cash out and your only paying off an existing lien then it may be possible for you to get a loan made to your personal name with the title in the name of your llc.
If cash out is required then the only option for little seasoning time of ownership would be normal conforming loans. Up to 80% full doc and 70% stated income with a 720 fico.
That’s what I was afraid of and thought as well.
Thanks very much for your time and information. I do appreciate it.
Best,
Paul