Is it possible to take a home equity line out on an investment property that is under an LLC?
I'd talk with the commercial loan department and ask for an LOC or line of credit, not a HELOC.
@Julian Dozortcev , that's a good question. I have a property under my LLC and I would like to pull equity out of my property.
@Kerry Baird if we go for a LOC, wouldn't that be the same as a PLOC, which would be decided with our personal credit? I need an option directly through my property and I think Julian is seeking the same.
Unless your LLC is seasoned and have a credit rating of its own, it is commonplace to give your personal guarantee. There is a great post on BP (or more than one) that steps you through getting a DUNS number for your LLC, starting with smaller credit lines, etc and building your LLCs own credit. You don't mentions whether yours is indeed seasoned, so I put it out there for your consideration. Lending in an LLC typically falls into the commercial side of the house (bank) and not the conventional. Smaller local credit unions are more likely to be flexible with lines of credit, to include small loan limits.
That is a very great question. I have no idea. Looking forward to these responses.
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