i have a client who owns a condo free and clear and it is owned by his LLC and wants to pull money out of it 75%LTV
(question is geared towards other financiers)
local bank. commercial.
Local banks are great as long as you don’t mind balloon payments, adjustable rates, and shorter amortizations.
As long as your friend owns a piece of the LLC he will be fine. Since their is no lien on the property he just needs to provide a copy of the LLC paperwork.
my local banks will do 20 yr fixed at about 6-7%. i choose to float w/ prime but just so you know all local banks are not all balloon payments, adjustable rates, and shorter amortizations.
Many commercial lenders will allow you to put N/O/O properties under LLC