This cash-out refinance turned into a saga with a good ending.

I talked with a good mortgage guy from Investors Bank (he was originally from Jersey City). My friend and I who are 50-50 owners of the LLC pulled together a bunch of documentation. They went through mine first and it looked like a slam dunk until they went through my friend's info (he is a contractor) and he had too much inconsistent income and too many high interest loans. I was hoping to work with Investors Bank for the long haul as I got a good feel but the gentleman thought he would have a tough time getting my friend's info through underwriting and suggested we wait until his 2018 tax returns were done.

At the same time I on a lark went into my bank (Chase) just to see if they did such loans. I talked the private client mortgage guy and assumed they could not do cash-outs to an LLC as most other big banks would not but he said he thought they could (answer did not inspire much confidence).

Fast forward 3.5 months of BS (where I forwarded everything requested within hours of being asked) but new requests always came and sometimes days of not hearing anything I was ready to give up. I jokingly told the guy I am either going to come in for a closing or to close all my Chase accounts. But lo and behold last week I had the closing at my house and the wire hit our bank shortly thereafter. It ended up being 4.875% with a 30 year fixed rate (interesting as all other banks offered only ARMs with decent rates). The other interesting thing was they did not look into my friend's personal finances at all as I signed on the loan in personal capacity and as member of the LLC. It was for 60% of appraised value but the appraisal came back much better than expected.

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Glad I could help. IB is too low profile, needs some good press. I left Cap 1, what a shitshow. Utterly incompetent, I could not find a single person capable of opening a tenant escrow account properly. No wonder they're closing their branches.

Thanks for the tip. I spoke with someone yesterday and they do the cash-out refinance for an LLC with very competitive rates compared to the other banks I have talked to. It may be a good option for me!

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Can't speak to this exact issue, but I found Investors Banks to be spectacularly competent in my last purchase, unlike any other bank I've ever dealt with. I switched my other banking there, I was so impressed. Small local banks are better, IB is where Pamrapo used to be before they shat the bed.

I am looking into doing a cash-out refinance for a residential investment property that is owned by an LLC. I have talked to a few banks that do this but wonder if anyone recommends a particular bank for this? There is definitely no consistency among the banks for these loans when the property is owned by an LLC.

Thanks for any insight.