Posted by Ed Garcia on September 25, 2000 at 10:41:38:
Luis,
The ideal way, would be to get a loan in your companies name. The problem is, if your company is new, it will have no income, and no credit to qualify for a loan. As a result, you end up signing for it personally. My suggestion is to take some deals down in your name, transfer title into your company and then make the payments with checks from your company. As time goes on you will have record that those loans are being paid as agreed by your company and that those loans are theirs. Another thing you can do, is ask the lender to add your companies name to your loan 6 months after the loan is made.
After a year or so of this, your company now has assets and credit, and if they’re rentals, income. Now when you mention company, I’m assuming that you mean another corporation making it hopefully a third party.
Luis, remember, lenders realize that we put our properties into our companies name or corporations to protect ourselves. But they don’t want that shield to allow you to walk away from their loan. So if you’re going to give them a third party, that party has to qualify for the loan.
Ed Garcia