Lending To An LLC
Ok I have a big problem, i bought a house all cash 18K. Now I want to refi, its worth 45 and only want to pull 30K out. Banks wont lend to my LLC. Does anybody know a way around this or a lender that will refi an LLC?? Any help would be greatly appreciated
the lender i work with lends minimum of 100k for commercial
Assuming you are a homeowner with sufficient equity why not "lend to yourself" with a line-of-credit on your primary residence?
I have ran into this many times...you will have to Quit Claim from the LLC to a person i.e. yourself and refi it in your name..or whomever you Quit Claim to...
You could have purchased the property with an LLC and put a mortgage to yourself since you actually paid for it. It would look like you are loaning money. I dont know how that would hurt you refinancing though....you could probably just prove that the LLC is an exntension of yourself. [ Edited by Eric5 on Date 07/08/2005 ]
Problem is still that you need someone to loan you money on a property that is in the LLC.... unless you have a private lender