Posted by Bruce Barilar on July 19, 2003 at 08:58:29:
SRK, I was away and just saw your post. If you have good credit, income and do not go over 80% LTV try a local bank. I am in PA and have been doing these using local bank that is currently agressive in the small business lending arena. Terms have been 15 year, 6.25% fixed for 5 years. Partnership is not a problem, but both partners would have to sign personally. FNMA, FHLMC do not lend to partnerships and typically require 12 months seasoning on a consistent basis. You can do some deals lender to lender, but this is the general rule.
Where are you in PA, I am in Lancaster-Harrisburg area?
recently bought 2 duplexes. Mortgage broker found some lenders that would work with me as far as less money out of pocket to purchase the duplex, but at a higher rate. They would not let me title in partnership name. Since, at the time, my goal was to get the duplex with no money out of pocket and still cash flow with the higher rate, which I am still doing. I took title in my own name.
My question is, I would like to refinance to get a better rate and title in my partnership name. Anyone know of lenders in Pennsylvania that will let you personally sign for note but take title in entity. Also, will the non-seasoning be an issue?(2 months)