Lending to LLC

13 Replies

I'm not entirely sure if this falls under Creative Real Estate Financing but does anybody know of anywhere that will loan to a business entity such as an LLC with little to no history? Most banks want at least two years. I'm only curious as I've heard stories but not entirely sure if they're bogus or not.

My two brand new LLCs were able to get mortgages, but I had to put 25% down and personally guarantee the mortgages. The broker said that after 2 years, I would likely be able to refi the loans to pull my personal guarantee off if the LLC is showing a good track record and is appropriately capitalized.

Originally posted by @Linda Weygant :

My two brand new LLCs were able to get mortgages, but I had to put 25% down and personally guarantee the mortgages. The broker said that after 2 years, I would likely be able to refi the loans to pull my personal guarantee off if the LLC is showing a good track record and is appropriately capitalized.

Were these residential mortgages or commercial? 25% down is pretty standard for non owner occupied residential, if you have a lender doing same terms to an LLC they sound very aggressive. Please send me their contact info if that's the case, I have many clients who would be interested in their services.

@Matt Good

I am waiting to hear a response from @Linda Weygant for some more clarity on her situation. Outside of her lender I have not come across any lenders willing to write residential mortgages to LLC's. Commercial mortgages yes, with a personal guarantee but nothing for 4 units and under.

Originally posted by @James Wise :
Originally posted by @Linda Weygant:

My two brand new LLCs were able to get mortgages, but I had to put 25% down and personally guarantee the mortgages. The broker said that after 2 years, I would likely be able to refi the loans to pull my personal guarantee off if the LLC is showing a good track record and is appropriately capitalized.

Were these residential mortgages or commercial? 25% down is pretty standard for non owner occupied residential, if you have a lender doing same terms to an LLC they sound very aggressive. Please send me their contact info if that's the case, I have many clients who would be interested in their services.

 Residential mortgages in a non-warrantable condo complex.  This is in Colorado. I love my mortgage broker, so I'll gladly toot her horn as a satisfied customer only - I don't benefit in any way.

Her name is Jenna Veinote (prounounced Vee-No)

Her contact is:  [email protected]   303.684.7006

Originally posted by @James Wise :

@Linda Weygant

I am going to have to give her a call tomorrow. This is something I have not seen before. Do you know if she loans nationwide or only in Colorado?

 I don't know if she can loan nationwide or not.  This was a portfolio loan.  Please drop my name when you talk to her.  Even though I tell her all the time how great she is, I want her to know that her excellent customer service has led me to recommend her and that it means more business for her.

Originally posted by @Linda Weygant :
Originally posted by @James Wise:

@Linda Weygant

I am going to have to give her a call tomorrow. This is something I have not seen before. Do you know if she loans nationwide or only in Colorado?

 I don't know if she can loan nationwide or not.  This was a portfolio loan.  Please drop my name when you talk to her.  Even though I tell her all the time how great she is, I want her to know that her excellent customer service has led me to recommend her and that it means more business for her.

 No problem, I will be sure to let her know who gave me the info. Thanks again. I will update this thread so others know in which states these loans can be done by this broker.