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Updated over 5 years ago on . Most recent reply
Acquiring Mortgage as an LLC?
I'm considering making the jump into my first investment property (buy-hold traditional rental). I plan to set up an LLC.
How difficult will it be for an LLC to obtain a 30-year fixed mortgage (20% down payment)? Will I need to use a commercial lender, and if so, what do I need to know about using commercial lenders? Will I have to personally guarantee the mortgage or will the house suffice as collateral for the bank?
Thanks in advance for your feedback!
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#5 Mortgage Brokers & Lenders Contributor
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#5 Mortgage Brokers & Lenders Contributor
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@john williams
All of the lenders we use require personal guarantees, are full recourse and close in the name of the LLC. From what I understand (I'm not an attorney), that set up does not pierce the corporate veil and the loans do not report on your personal credit report.
Stephanie