Do all owners need to be on title?

[Armand Farr]

Hi all, here's the situation we're in:

- We have 4 partners with a property under contract

- We plan to refi out, but lenders won't lend to an LLC so we need to take title personally

- But lenders also won't lend to 4 people

So my questions are:

- Can we have 2 people on title and the loan, then a separate agreement that divides ownership across us 4?

- When we distribute cashflows or sell the property, can we distribute the gains appropriately across the 4 owners?

Any other recommendations on how to manage this would be much appreciated.

[Chris Mason]

Originally posted by @Armand Farr:

@Chris Mason @Marc Dube that's good to know. Are there issues with us taking title in an LLC or can we get around that too?

 LLCs are commercial entities and get commercial loans, not residential. In addition to having worse terms/rates/conditions, commercial loans take forever to close and a typical listing agent/seller isn't going to sit around waiting that long for no reason (no reason relevant to them, that is).