Need a conventional 30 year loan under an llc
I am having trouble finding a bank that will allow me to get a conventional 30 year loan with a low fixed rate because the property is owned by my LLC. They always say the deed owner has to match applicants. I know we can to a quit claim but some banks require the property to be in the applicants name for at least 6 month per fannie/freddie guidelines since they are selling the loans to them.
Does anybody have any bank recommendations on a bank in Indianapolis that will give me a 30 year loan with a low fixed rate on a property in an llc?
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@Chandler Harker I actually have 30 year conforming loans with Chase for properties owned in my LLC...coincidentally they are in Indianapolis although I am banking in Los Angeles. The loans were made to me personally even though the properties are deeded to my LLC. One caveat...the LLC must be a single member entity (as in you) or, if it is a partnership, you and your spouse. There is a 6 month seasoning requirement if you are doing a 75% of market value cash out loan. Or you can do delayed financing right away and borrow 75% of the amount you paid for your property regardless of it's market value. They will do up to 6 of these loans. After that, you'll need to consolidate into portfolio loans.