Posted by James M. on December 11, 2003 at 05:31:25:
If you need a stated income/stated asset loan or have less than a 720 credit score then Interbay Funding will do a loan with an LLC. If your credit is high and your financials are good Interbay’s sister company Silverhill Financial will do it. Both have a cap of 1 million but are very easy to work with. Speak to a local mortgage broker and they should be able to get you the information you need. Keep in mind though that since the loan is made as a business that it is treated as a commercial loan and the rates will be a bit higher.
Obtaining a Loan for a Limited Partnership - Posted by Tom C
Posted by Tom C on December 07, 2003 at 10:08:01:
First of all I am a newbie in this arena and I expect to learn a lot of lessons the hard way. One that I am concerned about is how to protect my family and assets while buying investment rental properties. I thought I had the answer with using a Limited Partnership arrangement, but my Mortgage Broker seems to feel that lenders would have a problem with doing busines with a limited partnership. Is there any method of achieving a win-win in this scenario? I have a solid credit record and assets to back any mortgage but am concerned about being legally vulnerable. Any feedback would be greatly appreciated. Thanks!
Re: Obtaining a Loan for a Limited Partnership - Posted by Les
Posted by Les on December 07, 2003 at 10:50:28:
The majority of lenders don’t, but there are some lenders that will lend to LLCs.
If you tell us what state the property is in, perhaps you’ll find someone who’s licensed in that state that can help you.
Re: Obtaining a Loan for a Limited Partnership - Posted by Tom C.
Posted by Tom C. on December 07, 2003 at 11:56:32:
The properties are in PA. Thanks!