Attaining mortgage for LLC

4 Replies

Ok im going to try to make this simple.

If i have an LLC with partners, when we try to get a mortgage for say a duplex will the lender look at all of our incomes? If one of them is not employed at the moment would that become an issue if the other partners have credentials needed for a mortgage?

Thanks in advance

Originally posted by @Ladd Krestan :

Ok im going to try to make this simple.

If i have an LLC with partners, when we try to get a mortgage for say a duplex will the lender look at all of our incomes? If one of them is not employed at the moment would that become an issue if the other partners have credentials needed for a mortgage?

Thanks in advance

Every bank is different but yes the lender will be looking at all you. If one or more of you can carry the deal alone the lender will not be concerned about the weaker parties but will most likely still require them to sign on the loan.

 

I would be sure that your LLC agreement reflects the relatively increased risk for those other partners. This doesn't like a foreseen issue.