HELOC - Wife's information for Single Owner LLC in Missouri

HELOC - Wife's information for Single Owner LLC in Missouri

Member since 2018 · 127 posts · 106 votes

I am applying for a HELOC and am currently conditionally approved for the loan. I have a single owner LLC with a property in Missouri (community property state) that I am using to leverage the HELOC from. I performed a quite claim deed last year to move the title/deed from my personal name of the name of my LLC. My question, does the bank need my wife's information in order to continue with the loan since the title/deed is in the name of the LLC? My wife would prefer to not be involved due to it running her credit (despite this having a small, if any, affect on her already top tier credit score), so looking if there is a way around it.

Also, I understand many of you may not be lawyers or attorneys, but I want to see if anyone else has been in this situation.

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  • Rental Property Investor · Springfield, MO · Member since 2019 · 462 posts · 365 votes
    6y

    Is the LLC in both your names or just yours?

    If you do a commercial line of credit in the name of the LLC then that note will not count against your personal credit scores.

  • Member since 2018 · 127 posts · 106 votes
    6y

    Its a single owner LLC, so it is just me. I was not married to my wife at the time I set it up.

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