Been googlizing this topic for a bit now and can't find a solid answer. Can I partner with an LLC in order to utilize financing through my name? Loan would be in my name, the LLC would have the title? Thanks for the help!
Generally the way this would work is that title would be held in the name of, and the loan would be to, the LLC. In turn, you would personally guarantee the loan. Regardless of your desires, essentially any bank is going to require some form of personal guarantee from at least one of the LLC members in the case of a newer LLC (eg; one that doesn't have a track record, existing cash/cash flow, etc.)
My issue has been finding a bank that will lend to an LLC period. Even the local banks...
When you set up your LLC was that based on internet research or by consulting your attorney? You may find your attorney advises you to not use the LLC.
We were advised to go with an LLC.
How about JV ?
The borrower and the title holder must be one in the same. Banks don't even like having your spouse on title if he/she is not also signing for the loan. Community property state or no, doesn't matter.
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