Any NC Bank that will do mortgage under an LLC w/ personal grnty?
Hi
I am hoping to purchase my first rental property and have already set up an LLC for all of the tax benefits that it brings.
I was hoping to get a mortgage to own the property in Charlotte NC under my LLC's name with a personal guarantee. After reading some on this site and others it seems only a few local banks might do this. Is anyone aware of a local Charlotte or North Carolina bank that will originate a small $40k loan under an LLC with a personal guarantee?
If not I've heard about transferring the deed to the LLC after it has "seasoned" but this can also cause the lender to call the loan, which of course would not be great. Does anyone have experience doing this in Charlotte NC and if so what was the result?
If I'm not able to do either of these, how does everyone use their LLC for business purposes when owning real estate?
Thanks for all of your help in advance!
Josh