Banks and Loans for multi-unit Properties
I've been networking with my local banks for loans to buy a few multi-unit houses and I keep getting this from the banks: the deed can be in the LLC but the loan has to be in my name. Is this common? I have a small landscaping business I started and I didn't have this issue with banks. I don't like mixing personal and business cash. Thanks!
Most Popular Reply
@John Maynard it's common I've done thousands of deals with LLC and the process is getting the loan in your name and move the deed to the LLC in escrow. When it comes to your landscaping biz if it's under another LLC it should be protected from other investments. But there are some loan products that lend to LLC only mostly HML specific to investment properties.