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.
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!