LLC Financing - Posted by rusty

Posted by Jimmy on April 07, 2007 at 18:18:28:

the underwriting on the first couple loans was pretty tough. over time, my banker got comfortable wiht me and my biz, and its much easier now.

I really don’t know what their requirements are. My scores are mid 700’s, and I was able to go full doc. when I did my first deal with them, I was fully engaged in my law practice, so I had good outside income. that was 5 years ago. now, I am completely out of the law biz, and only do REI.

LLC Financing - Posted by rusty

Posted by rusty on February 26, 2007 at 23:11:07:

Can I refinance a property that’s held in an LLC under traditional terms? I’ve heard that I must get a commericial loan, which means higher costs and rates as well as lower LTV. I’d like to do at least a 80% LTV on the property. Is this possible now that its titled through the LLC or will I pay through the nose?

Would it be better to deed it back into my personal name before refinancing?

Re: LLC Financing - Posted by Max-Va

Posted by Max-Va on February 27, 2007 at 21:02:53:

There are several lenders that will allow title to remain in LLC. See a local broker

Re: LLC Financing - Posted by Jimmy

Posted by Jimmy on February 27, 2007 at 06:59:13:

who said commercial loans are higher interest rates and higher costs?

lower LTV and shorter ams are a disadvantage of comercial, but not the other terms.

my commercial lender lets me do the following:

up to 90% LTV (80% is the norm)
no appraisal (if county assessment works for me)
no title insurance (atty review cheaper)
no PPP
no points
cross-collateralized OK

if you MUST have a 30 year am or 95% financing, then you are stuck with a traditional home loan. and those must be in you individual name.

Re: LLC Financing - Posted by Fred

Posted by Fred on April 07, 2007 at 16:40:45:

What kind of FICO and/or docs is your lender looking for?