Mortgages through an LLC
Hey BP Community,
I am looking to purchase a few properties in the 60-80K dollar range. After taking Brandon's 90 day challenge I kicked it into gear and set up my LLC and I'm ready to put down 20-25% on these properties. I have connected with some people in various areas and found some properties that I felt comfortable putting in an offer, but I'm running into an issue with lending.
I'm really only interested in 30yr FIXED mortgages, not adjustable rate - which it seems is about all I can get through my LLC. I'm trying to persevere through all of the no's (about 4 banks so far), but I wanted to reach out to this awesome community and see if anyone has advice.
I know I'm not the only one to purchase property through a business, and I definitely know I'm not the only person who doesn't want to do a balloon type mortgage. Does anyone have any suggestions for lending through an LLC?
Thanks guys!
Most Popular Reply
Hey @Robert Timm! No problem man.
Simply buy the property under your name, after closing, transfer title to your LLC. There is a SLIGHT chance that the bank could call the loan due if it's discovered, but it doesn't happen often.
Banks really don't like lending to LLC's