Out of State LLC Question

[Steve DellaPelle]

What are common loan options when looking to purchase an out-of-state rental property under an LLC? This will likely be a long term buy & hold, either SFH or a 2-4 unit building.

Is a 30 year-fixed loan with 20% down possible?

Or is an LLC limited to different, more strict options?

Cheers!

[Brandon Croucier]

A DSCR loan is going to be your best bet.

Rule of thumb, 80% LTV with a decent fico score all day long.

You can close in an LLC.

Hope that helped!

[Brandon Croucier]

A DSCR loan is going to be your best bet.

Rule of thumb, 80% LTV with a decent fico score all day long.

You can close in an LLC.

Hope that helped!

[Steve DellaPelle]

Thanks! I've heard of DSCR loans but never got around to researching them. Do SFH's qualify if used as a rental?

[Brandon Croucier]

Quote from @Steve DellaPelle:

Thanks! I've heard of DSCR loans but never got around to researching them. Do SFH's qualify if used as a rental?

Yes, a Single Family is qualified for a DSCR loan. You actually get the best pricing on those ;)

[Logan Lambert]

Quote from @Steve DellaPelle:

What are common loan options when looking to purchase an out-of-state rental property under an LLC? This will likely be a long term buy & hold, either SFH or a 2-4 unit building.

Is a 30 year-fixed loan with 20% down possible?

Or is an LLC limited to different, more strict options?

Cheers!

 Hey,

Good question here. Just curious, are you a US citizen? Only asked that since you mentioned out of state.

If so, credit score 700 plus, you will be 20% down on 1 to 4 unit purchases on the DSCR side. It is a 30 year fixed loan. Most DSCR lenders are going to require you to close in an LLC. If you have any more questions, I would be happy to chat with you directly.

[Steve DellaPelle]

I appreciate the response! I'll definitely be looking at DSCR loans as an option.