Hello
I am new to the investment/rental market.

I bought this property under my personal name and then transfered it to an LLC.

I bought a mixed use property Commercial/Residental/Hotel,Motel.

I have owner financing now with a LTV rate of 60% paying 7% interest but a large monthly payment about double what a normal payment would be.

I am in the middle of remodeling now and have a great potential income vs expense ratio.

My question is ... What will I need to get Bank financing so I can take some equity out once the project is finished or sooner.

Thank you in advance

Most banks would look for the following:

1. 2 or 3 years tax returns and year to date financials on the business
2. Operating expenses for the property for the last 2-3 years andyear-to-date as well
3. Rent roll and copies of leases for the commercial/residential part
4. Last 3 years tax returns on anyone owning more than 20% of the LLC

This will get the ball rolling. Generally, you can expect the loan amount (cash out plus refinance) to be as high as 75% of the value of the property. Some lenders will go higher.