Posted by Garrett Sutton on October 26, 2004 at 10:28:59:
There is a way to get your real estate funded in the name of the LLC. Yes, you will have to personally guarantee the loan, but you will have the asset protection of a LLC. You can call Bill Cavalier at LLC Loan Network at 469 361 2460. Good luck, Garrett
quit claiming a personal residence into LLC - Posted by DJ VanNiel
Posted by DJ VanNiel on October 20, 2004 at 16:14:08:
We recently formed an LLC and have found that (surprise surprise!)I have to personally guarantee any loans, and even so, the terms are not as favorable as I had hoped. I have two properties, both personally owned, both current on bills, both have equity, and both have existing financing. Would it behoove me to quit deed these properties into the LLC (I am not necessarily concerned with tax issues) in order to give the LLC a bit of credability? And if this would be of use, can I then get new mortgages for the two balances specifically in the LLC’s name?
I have had no luck discussing this with my mortgage broker, bank, or CPA. ANY assistance would be greatly appreciated!
Sincerely, D.J. VanNiel