Updated over 5 years ago on . Most recent reply
Conventional Loans LLC's
My loan agent is telling me, that the Conventional loan that I'm getting, cannot be acquired using my LLC, is this accurate? is it true,
Most Popular Reply
Most conventional loans will only be accepted for property held under your own name. Some will however allow you to move the property to an LLC after closing if you are the sole owner of the LLC. Some won't and that would trigger the due on sale clause.
Some banks (usually local credit union) may accept to fund you through an LLC at the same rate.
If you look however for commercial loans, there the property has to be owned by an entity. The rate are usually around 1% higher than for personal loans. And right now, as many lenders have stopped lending due to them reassessing the COVID default risk, it may even be more expensive.
Some banks (usually local credit union) may accept to fund you through an LLC at the same rate.
If you look however for commercial loans, there the property has to be owned by an entity. The rate are usually around 1% higher than for personal loans. And right now, as many lenders have stopped lending due to them reassessing the COVID default risk, it may even be more expensive.