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.
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?
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:
7.05%
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.