Mortgage in name of LLC appear on personal credit? - Posted by Chris

import · January 12, 2007, 6:03am

Posted by Sheridan on February 10, 2007 at 14:10:52:

I have a a few properties personally and I was investigating another property in CA as an investiment with a few friends. We wanted to form an LLC to purchase the property and hold title. I was told by a realitor that an LLC can not purchase the property without buying it outright. In other words, I was told that an LLC could not mortgage the property?

import · January 12, 2007, 6:03am

Posted by Chris on January 12, 2007 at 07:03:21:

Hello,

Trying to accumulate properties and I have a business set up. I know if I buy a car or use a business credit card under the business my SS is used to approve loan but then I sign a personal gurantee and the libility does not appear on my credit report. Wondering if the smae is true for a real estate mortgage if it is in the name of an LLC? Anyone have experience with this?

Thanks,

Chris

import · January 13, 2007, 10:26am

Re: Mortgage in name of LLC… - Posted by Bronson

Posted by Bronson on January 13, 2007 at 11:26:06:

Chris,
hi I’m a mortgage broker in Massachusetts.

If the Mortgage is in the Company’s name and using the Company’s Tax-Id your SS# won’t be required.

The guidelines are tougher but there are lenders who will write the loan in a Company’s name using the Company’s Tax-Id, but usually the guidelines and LTV restrictions are tighter.

I hope that answers your question. feel free to email or call me if I can be of any additional help 617-605-8975

import · January 13, 2007, 6:31am

Does Not Show Up (nt) - Posted by Jimmy

Posted by Jimmy on January 13, 2007 at 07:31:59:

nt

import · January 13, 2007, 11:59am

Re: Mortgage in name of LLC… - Posted by Chris

Posted by Chris on January 13, 2007 at 12:59:16:

Thanks for your post Bronson. What are the terms, min down payment, rate? Do you handle financing like this in NJ?

Chris