All Forum Posts by: Catherine Javier

@Account Closed, thank you so much for sharing information! It is getting clearer now. Few more questions if it’s okay.. 

The first condo unit is already in process with a lender. We have informed the processor that it is an investment property. I cannot remember if we mention that we bought it under LLC (although we have sent the agreement to her and buyer name is under LLC).

1. She gave us 30 yrs- I have read that business loans are usually 15 yrs, is that accurate?

2. If the loan is already in process and we locked the rate and is probably a personal loan, can we just place the title under the LLC's name? (I remember that the title company asked for the articles & ein which we sent already)

3. Or the LLC will be useless since our name will be showing as owners of the condo?

Again, thank you so much!!!

@Account Closed, I am a newbie as well and I have a similar question.

I am in the process of closing two condos for rental and first timers. My real estate agent changed the name of Buyer from our LLC's name to our own name. Apparently, he spoke to our lender and lender said that if it is bought under an LLC, it is going to be a business loan. Does a business loan for an LLC gives higher interest rate? Or will we not be allowed to loan? Or can do we do a personal mortgage and just title it in the LLC? Thank you so much

Hello there! Newbie here. We are in the process of closing 2 rental condo units under an LLC. This is going to be our first time. In the offer contract letter for the second unit, our real estate agent changed from LLC's name to our own name. Apparently, our real estate agent spoke with our lender and told him that if we put it under the LLC, it is going to be a business loan. Will the business loan give higher interest rate? What are your thoughts. Thank you.