Posted by Jamie on August 17, 2007 at 20:50:02:
I’m having the same problem figuring out how to handle financing with rental properties held in LLCs. Do you know any mortgage brokers/consultants in Maryland who can help with this?
Thanks!!!
From LLC to Personal Name Refi: How to? - Posted by Chris
Posted by Chris on August 13, 2007 at 18:57:58:
Hi,
I own an investment property in my LLC and want to refi into my personal name (temporarily) so I can move into it and get 30 yr AMORT financing. First bank I’m trying is having a hang-up even when I suggest that I’ll quit claim from my LLC to my personal name fist. You guys see any issues with this? Seems pretty easy to me, but they’re saying there is some Fannie Mae problem. They’re looking into it… Thanks for ideas,
Chris
Re: From LLC to Personal Name Refi: … - Posted by Rich-CA
Posted by Rich-CA on August 14, 2007 at 22:37:39:
Just quit claim the property into your name, then shop the loan. I had Citi have me sign the QC as part of the closing package, so it depends on the lender.
Re: From LLC to Personal Name Refi: How to? - Posted by Ben Carmona
Posted by Ben Carmona on August 14, 2007 at 10:32:52:
Moving properties back and forth can trigger the Due on Sales Clause. Many investors will advise this will never happen but you have to factor the risk in when considering.
You have several other options besides the previously disccused.
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Use a lender that will allow financing in your personal name and vesting in the business. This way, you dont need to quit claim out.
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Use a commercial lender that makes loans on residential investment proprties. Loan and title both in your personal name with 30yr amortization available.
You should be using a mortgage consultant who specializes in investment loans such as these.
Ben Carmona
Re: From LLC to Personal Name Refi: How to? - Posted by Jim Culler
Posted by Jim Culler on August 13, 2007 at 19:24:22:
I have an investor who buys hard money in his corporation, quit claims into his name and refi’s with us often.
However, there is a title seasoning issue. Ask your broker if you supply documents showing that you are the sole owner of the LLC, and you are simply quit claiming it from one entity to yourself. Ask if he can get an exception for that.
If you have owned it less than 12 months period, then you may have a title seasoning issue regardless. So make sure that your title seasoning issue is with the quit claim only, and then ask if you supply Articles of Incorporation, or proof that you are the only officer of the company and this is only being done for the refinance, if they will make an exception.
Sorry for the run on sentences, grammatical and spelling errors. I am typing fast and not looking back today! 
Re: From LLC to Personal Name Refi: How to? - Posted by chris
Posted by chris on August 13, 2007 at 19:33:34:
Good stuff. I forwarded to the lender. Thanks.
Chris
Re: From LLC to Personal Name Refi: How to? - Posted by Jim Culler
Posted by Jim Culler on August 13, 2007 at 19:41:32:
No problemo. If he cant do it still, I can help you if your property is in Florida.
If not in Florida, then email me anyway, and I can send you a list of people who can do it.