Posted by Tyler on August 08, 2008 at 10:12:47:
HELOC’s are almost non existent these days and Fannie/Freddie products do not allow refi’s for properties vested in LLC’s.
Of course you could speak with a local bank about a line of credit, which will require a personal guarantee with excellent credit. Do you have any business credit established? If so, this will help.
Lenders that loan to LLCs - Posted by Mark in Phoenix AZ
Posted by Mark in Phoenix AZ on August 06, 2008 at 14:47:42:
Hello,
I am in the process of buying a property in the name of my LLC that is owned by my 401K. (I have a self-directed 401k).
Since I will be buying the property outright, no mortgage is owed. I am buying the property as a foreclosure and renting it out.
All income goes into my 401K tax free which is great.
What I would like to do afterwards is establish a line of credit under the LLC to do hard money lending and other real estate related investments.
Does anyone have any recommendations as to which lenders will allow this. I’m located in the Phoenix, AZ area.
Regards,
Mark