So with banks tightening down, how are we (as investors) able to stay afloat?

I have been in contact with several mortgage brokers and they all say it is impossible to put a property that is currently in your name, into your company name, and then refi it. and said they won't refi it if is in a company name anyway. They also said, that across the board (all banks that they work with) there is now a 6 month seasoning term on refi'ing investment houses.

So with this, it cripples my RE investing business. I can't do another deal cause I cant refi to get the money out.

So how do we continue? How is it done TODAY, not last year! Cause last year was simple to refi, how about TODAY?


Don't Wish the Past, Create the Future! - DH


Hazco, talk to an attorney about doing this for you. Everytime we talk to mortgage brokers or RE agents about real estate info, they always find a way to slam the door in our faces. I just had my attorney transferred two home deeds into my LLC without any hassels. I only had to pay a small fee. I could re-finance if if i want to, but don't let one person tell you, "You can't do this or you can't do that". Mortgage brokers should not give you any advice about legal documents if they don't know anything about it. Yes, they are part of our professional team, but their jobs is merely providing morgtages, not giving advise about your LLC or any legal documents pertaining your business. Your attorney should be your souce of info and they should be your first contact. Good luck!



Thanks for the reply Lloyd, but the issue here is refi'ing. The mortgage brokers I talked to won't refi an investment house that is in a companies name. Also the banks they deal with all want 6 months seasoning on investments houses that are in your personal name.

I have a question for you now, you said you just put a few houses in you LLC. Do you currently have mortgages on those houses? and aren't you afraid the bank will call your load?



Don't Wish the Past, Create the Future! - DH


Yes, two of the homes that i transferred the deed into my LLC have mortgages on them. One is in Utah, and another one is here in my little hometown. I can even refi if i want to, but i don't have to because i'm very happy with the interest rate and terms.

Keep in mind when you have mortgage brokers telling you this, maybe they are hurting for business given the state of our economy is in, and they don't want you to take your business someplace else, i don't know what their reasons are, but the fact of the matter is, just because someone tell me "I can't do this or i can't do that" then i find a way to go around to make it work for me and my business. I don't know but maybe because right now is the lowest interest rate in the last 50 years and the brokers don't want you to pay less or whatever their reasons may be, but the fact of the matter is, keep knocking them doors down unitl you brake them down. Don't let anyone tell you otherwise.


keep shopping

I agree with lloyd that this one mortgage broker doesn't have all the answers.

Shop that loan out. Go to local credit unions. Sometimes they are more flexible.

I am still trying to get a good HML but I have al;so been talking with banks in regards to refi strategies. I've found some local banks to be more flexible.

Your mortgage broker probably works with several lenders but not with small local banks.

Good luck!


I have talked to 3 brokers and the bank that currently holds my mortgage. they all said NO refi-ing until you have owned the house for at least 6 months.

So if anyone out there has refi-ed an investment property, that at the time of refi-ing, you did NOT own for 6 months, please let me know how you did it and what broker/bank you used.



Don't Wish the Past, Create the Future! - DH




Don't Wish the Past, Create the Future! - DH

Hey D

Long time no hear....

Listen I used Washinton Mutual to do both of my re-fi and I owned both for less than six months and had no problem. Also US Bank will do it.


TWITTER - anitarny / FACEBOOK - anitarny


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