LLC's, Cash Out, & Transferring Title
Whats the best way to cash out a property owned free & clear in an LLC? It seems to get the best rate and financing, it might be best to take out of the llc into the individual's name, refi with cash out, and then move it back into the LLC. Does anyone know if this can all be done at one closing, or at least in one sitting? Are there going to be transfer & recording taxes, along with separate closing and settlement charges each time it's moved out of and then back into the LLC? Will lenders require the title to be seasoned in the individual's name for some length of time? Would there be any tax implications to be concerned about in doing this? Is there a better way?
Thanks in advance for any advice/suggestions.
Moved to Tax Strategies Forum.
If you have a track record a local bank should be more than willing to let you refinance a property already in the LLC.
Even without a track record it is possible but they will go off your credit and may require you to personally guarantee the loan.
You should not have to transfer the property out of an LLC and then back to it.