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Updated over 4 years ago on . Most recent reply

User Stats

38
Posts
19
Votes
Erica L.
  • Rental Property Investor
  • Northeast (NJ DE, PA)
19
Votes |
38
Posts

Need guidance with first loan under LLC

Erica L.
  • Rental Property Investor
  • Northeast (NJ DE, PA)
Posted

Hello all, I'm hoping someone can point me in the right direct. My husband and I have 3 rental units currently in our own name. We just opened an LLC to build our portfolio. We new found a property we are in final negotiations with- however, I didn't realize the process of getting the loan would be totally different (as we were already preapproved with our personal lender using putting it under our names). My attorney discouraged me from putting it in my name then signing the title over to the llc bc the lender my call it). Anyway, I'm currently waiting on info from an underwriter my lender suggested but he kind of sounded like it wouldn't work because the purchase price is only $80,000 and his personal fee is $3,000 (which doesn't include closing costs etc)...

Can someone help point me in the right direction so I can get a loan with similar terms to that of a conventional? Preferably without having to jump through hoops and hurdles. We both have A+ credit with a great debt to income ratio. 

Thank you in advance. I appreciate your time and consideration. 

~Erica

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