Started an LLC with a partner, 30 year loan options.
A friend and I have formed an LLC, and finally found a duplex. We have spoken to a bank, who offered a 20 year ARM. We then spoke to a broker who suggested we do a conventional loan in one of our names, and then change the deed to the LLC after a few months.
My question, is this the best way to get a 30 year loan? We are worried that it will mess up the accounting for taxes, and if it is even possible to transfer the deed to the LLC while the loan is under just one of our names. Appreciate all the help, we are both new to real estate and hopefully about to purchase our first property.
Most Popular Reply
@Michael Slayton, shop around to other lenders. Focus on local banks and CUs. They may have commercial products that are more attractive.
That said, you can certainly buy it in your own name(s) and change title in the future. Sallie Mae explicitly allows this. Just know that the mortgage will stay in your individual names and you'll be guarantors. Title and mortgage are different things.