Updated about 8 years ago on . Most recent reply
Two Partner LLC for Rental Property. How to get a mortgage
Me and my wife started an LLC to hold our rental properties. So two partners.
I know it is not possible to get a mortgage for an LLC that is only few weeks old. So we are thinking of personally guaranteeing the mortgages at least for a 2-3 year period.
Both of us can qualify for a loan independently. Is it possible for only one of us to sign a personal guarantee for the mortgage in the name of the LLC?
That way we can avoid risking everything. If both the partners have to guarantee the mortgage, we are basically exposing all out assets.
Most Popular Reply
You can get a mortgage for an LLC but it'd have to be a commercial one. I believe that if you are both owners of the LLC, they would require both of you to be on the mortgage. I am no mortgage expert, nor am I a loan officer, but I suggest you call a few local/regional banks and see what they have to offer. Or you can always get it in your name and transfer it to the LLC. But that comes with the minute risk of the loan being called due.