Updated about 10 years ago on . Most recent reply
Construction Loan
I recently bought an inhabitable investment property and we bought it knowing that it needs some brick work and tuckpointing that will cost $12,000 to complete. Rather than building up the $1500 net profits every month, I'm thinking to just get a loan for the 12K and pay myself a bit less after deducting mortgage and construction loan payback. We have a new LLC that we are likely going to quitclaim the building into. How can I get the 12K loan for the brand spanking new LLC and not have to get one personally which would affect my DTI ratio and thus my ability at a new deal?