LLC means I have to do commercial loans?

5 Replies

My lender is telling me that if I form an LLC I’ll need to do commercial loans. I’d prefer not to pay the higher fees but I want the protection of an LLC. What have others here done?
Originally posted by @Gideon Blustein :
My lender is telling me that if I form an LLC I’ll need to do commercial loans. I’d prefer not to pay the higher fees but I want the protection of an LLC. What have others here done?

Gideon

There are a lot of threads on BP about the protections LLC's provide. Do a little research and see if it's totally necessary for the cost of a commercial loan.

We always counsel our borrowers to get all the  conventional financing they can get and then once they've hit their 10 loans, go commercial.  The money is way cheaper.  If you don't qualify for conventional for one reason or another, that's a different story.

Disclaimer:  Moderator, this is not a solicitation.  We do not do conventional loans at US Commercial.

Best of luck

Stephanie

i form a registered llc based on info here on BP nut all my 3 blds are in my name. i dont  have any real money left or 25% for commercial.

which loan best to get cash out refi from triplex?

or fix up my camp to sell or rent?

I am self employed and had to go commercial. I am glad because of the LLC added protection, low monthly mortage because I put 25% down(which i found private money on).

Also it was really cheap for commercial with a local bank. 4.15% 25 year. Subject to change in 10 years however(but has a cap).

Message me if you need any help or advice! Ive been through it all being self employed and starting young has been quite a lot of work.