Lender In Philadelphia

3 Replies | Philadelphia, Pennsylvania

Hello,

I am looking for recommendations for a lender that will loan to a 2-3 person LCC. Looking for a 30-year or 20-year fixed rate mortgage. I had found a lender that would do a 30-year fixed rate but the LLC could only have two people in it. Another lender I have only does 5 year fixed for a 20 year loan.

Any recommendations would help!

Thanks!

 @Neel Patel my lender indicated that they would do a personal loan for someone in the LLC and slide it after closing into LLC wing. This way you get the best rate and I believe you're allowed one slide without incurring transfer fees. It sounds like with a LLC you will be in a commercial loan slot which is always a higher rate with a 5-year bullet.

If going personal and then sliding sounds like something you would like, I'll be happy to PM you my mortgage guy's information.

Originally posted by @Joe P. :

 @Neel Patel my lender indicated that they would do a personal loan for someone in the LLC and slide it after closing into LLC wing. This way you get the best rate and I believe you're allowed one slide without incurring transfer fees. It sounds like with a LLC you will be in a commercial loan slot which is always a higher rate with a 5-year bullet.

If going personal and then sliding sounds like something you would like, I'll be happy to PM you my mortgage guy's information.

Hi Joe! Thanks for responding! I haven't heard of the term sliding. Could you explain? Would I close the house under my name and then transfer to the LLC? What kind of fees would be involved with that? I wouldn't mind having a conversation with your lender.