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Updated 7 months ago on . Most recent reply

Loren Blackwell's profile image
Loren Blackwell's profile image
Loren Blackwell
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  • Member since Jun 13, 2024
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Loren Blackwell's profile image
Loren Blackwell's profile image
Loren Blackwell
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Loren Blackwell
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Unable to get a home loan under LLC

Loren Blackwell
Pro Member
Posted

Hi there, my brother and I have just formed an LLC with the goal to flip a property. This will be our first investment and have found that we cannot get a loan under the LLC without 2 years of P&L statements.

We have the funds for renovation but not for the entire loan amount. Is it possible to take out a mortgage under our personal names and then convert it to the LLC later? What do most people do in this situation?

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