LLC & Trust, no EIN - How can I open a bank account?

[David Bilandzija]

Hi BP,

I'm representing a borrower in FL and we are at clear to close on his cash out refinance loan (investment property). We cannot close because he wouldn't be able to cash the check for his cash out proceeds. The check cannot be made to him individually since property is held in a Trust. Borrower doesn't have a business bank account that matches the vesting on title, which is ABC LLC as trustee for ABC Trust.

His LLC and Trust both do not have EINs.

He is running into resistance from banks they are explaining that an EIN is required. 

Has anyone experienced this and or found a workaround?