How do you use LLC when bank makes you put mortgage in your name?
How do you use LLC when bank makes you put mortgage in your name?
Chris Seveney
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Quote from @Candice Ravin Woodfin:
How do you use LLC when bank makes you put mortgage in your name?
I would not bother using the LLC, just keep propertyin your name with an umbrella insurance policy.
Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Depends what kind of loan you are using, DSCR and commercial loans do not require you to put the loan in your name.
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Many times banks will require you to initially put in your name and then you can immediately deed it to your LLC.
Like @Elliott Elias said, you can use commercial financing (Hard Money & DSCR) and close in your LLC. Closing in the LLC offers a number of tax benefits.
