Do I need an LLC to get a hard money loan? Do I need an EIN?

[Karen Warren]

I've talked with several hard money lenders and they are all telling me they won't loan to individuals, only LLC's.

So, I just got my LLC. Do I need an EIN number for my business now? How about a business bank account and credit card. Is this just a way of separating my personal assets from my business entity assets?

[Jason Hirko]

@Karen Warren HMLs don't follow the Frank Dodd conventional disclosure and regulatory requirements, and therefore are prohibited from lending on an individual's primary residence. The entity requirement is one more layer of protection for them to show that they are, in fact, only lending on business purpose loans.