Refi With LLC Question

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Hi, If I buy a house to rehab with cash in the name of my LLC, how do I go about refinancing it to pull equity back out of it if I want to use it as a rental but get my money plus profit back out. If I get the mortgage under my own name, won't it count as a sale ( From the llc back to me)?

Thanks
Joe

Comments(1)

  • cjmazur31st May, 2004

    It's prob best to buy the house and then contrib it to LLC, or contrib the cash and buy the property. Cleaner anyway.

    To borrow in your name will cloud the source and use of funds/assets. It would be as if the LLC was lending you the money or the asset to borrow against.

    I have found a couple banks/mortgage bankers/CUs that will loan in the name of the LLC based on (in my case) the credit worthiness of the LLCs sole member.

    The CU would eve do HELOCs in the name of the LLC.

    No one has mentioned personal guarentees yet, which to be honest has shocked me.

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