Hi all, I'm new to the game here, and I was wondering how to go about getting my first loan under an LLC rather than under myself. I want to start building up my track record and getting cash flow to my LLC, so I was wondering if there is any way to take out a mortgage against the LLc as opposed to against myself? How do I go about doing this? I personally have great credit and will back the loan, but I need to build business credit history.
@Brandon Berkowitz , typically banks like to see 2 years of P/L before making a loan directly to a LLC. You may be able to do 1 of 2 things:
- Put the title under the LLC, but personally guarantee the loan.
- Title and guarantee personally, the move the title into the LLC after closing.
Thanks Jaysen. And for 2 years of P/L, woud this property then start counting as the beginning of two years of P&L for future homes?