Accountant · Omaha, NE · Member since 2015 · 9 posts · 2 votes
Hello BP,
I am trying to find a lender that will give me a long term (15-30 years) fixed rate mortgage for a single family home in an LLC. Is anyone aware of any lenders that will give "conventional" financing to an LLC?
I would prefer to avoid the risk of triggering the due on sale clause by transferring from my name to the LLC. The properties are in Omaha Nebraska.
Hi Scott, try Lima One Capital. In fact, more companies are choosing to close in an LLC to avoid the laws that protect individuals. See Mitt, corporations are not people!
I don't think you will find any portfolio lenders to give you traditional financing for properties owned by an LLC. You will have to get a business loan, and the terms will likely be around 3-9 years, amortized over 20 years or less, with a change in the interest rate in the longer ones every 3 years or so.
I only know this, because I am in Omaha also, and just went through this process.
I don't think you will find any portfolio lenders to give you traditional financing for properties owned by an LLC. You will have to get a business loan, and the terms will likely be around 3-9 years, amortized over 20 years or less, with a change in the interest rate in the longer ones every 3 years or so.
I only know this, because I am in Omaha also, and just went through this process.
Hi Scott, try Lima One Capital. In fact, more companies are choosing to close in an LLC to avoid the laws that protect individuals. See Mitt, corporations are not people!
I've found multiple lenders in Lincoln, NE who offered 15 or 20 year fixed mortgages and were fine with it being in the name of an LLC. This was commercial lending. Not sure when you say "conventional" if you mean Fannie/Freddie or just a fixed rate for the term, but getting a loan in the name of an LLC certainly is possible. Put some calls into local and regional banks here.
@Scott Garner You might try talking to Grant Pille at Pinnacle Bank in Gretna. I ran some deals by him and he was willing to loan to an LLC on a SFR. He was requiring 25% down for 25 years. The rate would be locked for 5 years. The LLC had to be setup before the loan could be approved.
Hi Scott, We offer 30 year fixed financing on rental properties. We can finance both the individual as well as an LLC, so it is up to you how you would like to take out the financing. Happy to discuss the program with you in more detail. My contact info is below. Good luck with your financing!