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Updated almost 5 years ago on . Most recent reply

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Siraj Momin
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LLC and partnership, but loan under my name

Siraj Momin
Posted

I and my partner looked for the property and we bought one property but when the loan process started, my partner didn't have good credit and loan office dumped him, and I had to bear the whole load of loan of the property. We transferred the title to LLC, but i have following questions

1) we are looking for refinancing, can I add my partner on the loan ?

2) Can I make a clause in LLC or any other statement where we both are liable for profit and loss. (in case of loss , the existing loan could incur upon me only)

Please advise or suggest

Thanks

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