Personal Mortgage & needing LLC coverage
Hello!
I was wanting to see if anyone has run into this problem and see if there was any feedback or suggestions.
My fiancé and I are in the process of purchasing our first investment BRRR property and we are using a conventional loan through our local bank. The program that my fiancé got his pre-approval with our bank (I own our primary residence so we wanted to get a loan in his name) is designed and offered for the purchase of a primary residence. With that being said, we are not allowed to put the mortgage in under our LLC name, it has to be the home owner name for this particular program with our bank.
That being said, has anyone run into this and if so, how were you able to protect yourself through your LLC when you start renting your property? Is there a way we can still use our LLC even though the mortgage is his name and not the LLC?
I understand I need to contact an attorney or CPA, but just wanted to ask on here and see if anyone else had run into this.
Thank you.