lender that allows the property to be transferred to LLC

[Shara Surabi]

Hello Everyone,

I am about to enter a joint venture with a partner on a property. The loan will be financed under other parties name, but we will be equal owners of the property. 

I am looking for a lender that is willing to issue a loan that allows the property to be owner by the LLC that is equally owned by both parties.

The property is located in S.W Florida. 

Any recommendations on banks that will issue such loan are welcomed, or any advice regarding this matter.

Thanks

[Thomas Franklin]

Luke Aubut and Shara Surabi Transferring title can trigger the Due on Sale Clause. In the eyes of a Lender, a Title Transfer is the same as a sale. If you wish to close, in the name of a Corporate Entity, most lenders will offer Commercial Terms. Yes, a lender will require at least three months of all financial statements (Bank Accounts, IRAs, other Investment Accounts, etc.), from all people that are involved in the Joint Venture. Depending on the lender, you will need to have 6 to 12 months of Capital Reserves, to cover Mortgage Payments. Some states will also require your Capital Reserves to cover Property Insurance Premiums, for 12 months. You can seek a Recourse Loan where you are personally liable or a Non Recourse Loan where the Corporate Entity is only liable.