Updated almost 9 years ago on . Most recent reply
Investing without an LLC
Hello NJ investors! I have a question specific to NJ investing... I have my 1st NJ investment under contract and started the formal application process with my lender and they proceed to tell me that they can only lend to an entity (LLC) in NJ. Is this a requirement by the state? I do not have an LLC and did not plan on forming one this early in my investing so I am trying to figure out if I simply need to find another lender or are all lenders going to have to conform to a state requirement?
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for a single family that makes no sense... might be the hard money lender requirement. maybe they are doing this because they will write something in the operating agreement that they can take over the LLC if you dont pay. ie rather then foreclose set it up so that you lose the LLC to them if you dont pay.