You will have difficulty in finding a lender who will let you take title to the property in the name of your LLC. Your LLC will have no credit rating for them to examine, so you can expect to have to secure the note personally.
What are the benefits you hope to realize by operating as an LLC?
I am currently working on a business plan for my RE LLC. The business plan is being done primarily to make sure I have all the bases covered on the business end as well as the RE strategies I plan to use.
When I go to a bank or mortgage broker will they even look at a business plan of a new company or will they look at my credit only or both?
I guess you might be asking why I don’t just call a bank and find out however, I am currently deployed to Macedonia and am taking advantage of this time to do as much of the leg work and reading as I can. Thanks
How you hold title shouldn’t be that big a deal when it comes time to securing a mortgage on a property. However, the bank will require that you sign personally on the note. We have purchased and financed numerous properties in both an LLC and Sub-S Coporation, but my partner & I both had to personally guarantee the note. So if you have good credit, etc this should not be a problem