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Updated almost 5 years ago on . Most recent reply

Krystal C.'s profile image
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Krystal C.
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Krystal C.'s profile image
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Krystal C.
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Krystal C.
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Creative Real Estate Financing

Line of Credit for Property in a Multi-Member LLC

Krystal C.
Posted

Hi! I inherited a property in NYC with no mortgage and I will be putting it in an LLC with my mom and my sister. Once it's in the LLC, how do we get a line of credit? Will a lender need to review our individual credit history/worthiness?

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    Basit Siddiqi
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    Basit Siddiqi
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    @Krystal C.

    You may want to reach out to a couple of lenders now to see if they will lend do the LLC.

    In general - expect someone in the LLC to personally guarantee the loan/mortgage.
    I think lenders will want to see credit worthyness of anyone who is a managing member and/or with above 20% ownership.

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