Updated over 10 years ago on . Most recent reply
LLC Mortgage Loan Without Personal Guarantee
Is it possible for an LLC to obtain a mortgage without a personal backing? It is my understanding that if the LLC has good credit and a history of financial dealings then it can. How long of a history and how much financial business would suffice?
I ask because I am looking to purchase a single family home with owner financing. We are discussing a balloon mortgage for the financing. I would like to purchase the property with an LLC, and refinance in 5 years through a bank.
No need to discuss the personal backing as far as the owner financing. The owner (a family member) is aware of the risks, but is interested in helping me expand my business.