What Happens to LLC holding 5+ Multifam
Hi BP! As I’m going through the process of purchasing a multi +5 units under an LLC and obtaining a mortgage, according to lender building qualifies for mortgage not myself and a personal guarantee would be needed. Worst case scenario, what happens if the property goes into foreclosure? Does my personal credit get dinged or the LLC gets the bad record in turn causing the LLC to go bankrupt? The LLC would be dissolved if it goes bankrupt right?