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Updated about 2 years ago on . Most recent reply
Seasoned money question
We are starting a new LLC to purchase a rental property using a DSCR loan. How long do funds need to be left in a new business account before they are available to be used to purchase a property?
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Quote from @Calvin Boyd:
We are starting a new LLC to purchase a rental property using a DSCR loan. How long do funds need to be left in a new business account before they are available to be used to purchase a property?
It depends on the lender. Get a good broker to review your loan and your particular situation and they can advise you further. Could be that you don't need to move them to a business account and just show you've had them for 60 days and it could be that you don't need to season them at all, just a bank letter saying you have the funds available is sufficient. Depends on the deal.
Stephanie