Posted by chet on January 03, 2005 at 18:23:24:
I know that luxurymortgage.com will lend in the name of an LLC. I don’t know if the lend in TX.
Real estate loan - LLC - Posted by wayne
Posted by wayne on January 03, 2005 at 08:51:37:
Banker is telling me that with a LLC (four partners), that they cannot do a fixed rate mortgage since it is a business entity (using Fannie Mae). If it was an individual, there is no problem. So the question is, we have 4 properties in the LLC with a 5 year balloon. We want to move to fixed rate mortages. Banker told us to refinance each property in an individual partner’s name, then do a mortgage deed back into the LLC. Does anyone know if there would be any tax ramifications with doing this? Any other ideas on how to get into fixed rate mortgage? These are Texas properties. Help needed!!!
Re: Real estate loan - LLC - Posted by Natalie Smith
Posted by Natalie Smith on January 04, 2005 at 13:18:46:
Wayne,
I can’t answer your question about tax ramifications, but you might also have insurance ramifications and title insurance ramifications.
Try going to a local bank that has a commercial department. That’s how I got my loans in the name of my LLC.