LLC and being a guarantor
Anyone know if when you get conventional financing under an LLC and also being a guarantor if they have ever been able to put a clause or addendum stating that after say 12 or 24 timely payments you are relieved of being a personal guarantor? Really if a LLC has sufficient collateral along with the property the personal guarantor should be relieved... any thoughts?
I know with my former business, before I sold it, I always had to be a personal guarantor even though it was an S corp. --> My thinking behind this is at some point in time Warren Buffet and Bill Gates didn't have to keep being a guarantor.. right??