Obtaining a mortgage with an LLC
Hello BP, I'm trying to solve a problem and I don't seem to be getting anywhere. I have an accepted offer on my first duplex I am trying to purchase, was preapproved with my local bank, but will not be able to close on property with an LLC. My lawyer advised me against transferring deed after closing so I'm not exactly sure how to move forward. Any suggestions would be greatly appreciated. Thanks!
Hi Ryan. What are the reasons they are saying you cannot close with an LLC? Thanks
Essentially, as I understand it, if the deed transferred ownership, the note must be paid in full with in 60 days. I’m told this never happens but I’d like to explore all my options
#3 Bankers, Lenders, and Mortgage Brokers Contributor
- Washington, DC Mortgage Lender/Broker
- 2,607
- Votes |
- 4,659
- Posts
#3 Bankers, Lenders, and Mortgage Brokers Contributor
- Washington, DC Mortgage Lender/Broker
Originally posted by @Ryan Washer:Essentially, as I understand it, if the deed transferred ownership, the note must be paid in full with in 60 days. I’m told this never happens but I’d like to explore all my options
Conventional financing allows the transfer now. Rule change a few yeaes ago. The "due on sale" clause will not be triggered.
