Question for Lenders
Hi All,
I have recently created a new LLC in TN for the purpose of Real Estate Investing and the LLC has 3 members (33.3% each) including myself and 2 foreign investors from the UK. As my partners are foreign, they will not be able to obtain financing here in the US so the mortgage will be in my personal name. We will then transfer title to the LLC upon closing (we have received lenders permission to do this).
My question is, when we come to purchase another property will the lender view me as responsible for the whole mortgage debt and only 33.3% of the income?
If so, can I have the other 2 members sign to personally guarantee the loan also which will then make me responsible for 33.3% of the debt in terms of calculating DTI?
If anyone has any knowledge of this or experience in doing this please share!
Thanks!