Posted by Russ Sims on October 24, 2003 at 13:22:21:
You might want to talk with another mortgage broker. If the home is in an LLC, and you are a principal member of that LLC, you should be able to refinance. We’ve done this a couple of times. Call mortgage brokers and tell them your situation…that you’d like to know if they can do an unseasoned refi.
Another way to do this is to have your friend deed it into a trust, making you the beneficiary. Once the refi is done assign your beneficial interest to the LLC. You also might want to ask this question on the financing forum…
Russ
I bought a property with a partner using his credit and his funds, now i want to bail him out with a profit of 10 grand. my plan was to put the property in a llc in wich Both of us are members, and then i will refinance with my credit.
Talking to a mortgage banker yesterday he said, that since i wasnt on title i cannot refi cause the bank will look at it as a purchase.
My question is how long will I have to be on title in order to refinance?
and if there are lenders who will refi for a llc when memebr number 2 puts his credit on the line even he isnt on title? and how long after purchase it must be
Thank you
You can put yourself on the deed now. However most lenders want 12 months for cash out. A few will go for 6 months and a few will go for a few weeks but you would have to show how you increased value.
So put yourself on deed and wait 6 months.
Next time you can always but yourself on deed at closing, you don’t have to be on title commitment.