I have a rental that needs 12k of work to finish it. right now it should appraise 60-65k, when completed it will be 95k i'm in process of placing this home into a newly created LLC I own the home free and clear. is there places that do equity credit if homes are in a new LLC? i think hard money is out as i want to pay it back over a 3-5 year period. this home is located east central. FL. any thoughts help anything thanks
What do you mean by "equity credit"?
Yes, there are lenders that will make loans to LLCs. You will very likely have to qualify for the loan, though, and sign a personal guarantee.
Requests for a specific lender will need to go into the Marketplace.
Jon Holdman, Flying Phoenix LLC
i'm separating personal from business thus llc is 100% business as i have an llc for each home thus i can't want do personal as i need to start curtailing personal risk reason for LLC so i guess i need private funding/loan is there any such thing other than hard money lenders as from my understanding hard money lenders require a 1 yr. pay back
Or you could take on a partner who has the cash and promise him a percentage of the rents and/or profits via a joint venture agreement. Or carry back a note on it from a private lender. Or declare it as your primary residence and get a Homepath or a 203k loan. There's more than one way to skin a cat!
Mark Dobert could you explain more of what you mean by "carry back a note on it from a private lender" is that acquiring a first lien/mortgage on home from private lender? if so how would i go about finding such a lender, thanks
Most lenders want you to personal guarantee the loan with all the LLC fraud out there. LLC will not protect your assets get a good insurance policy.
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