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Updated over 8 years ago,
Purchasing property using LLC as purchaser?
Friends,
I am currently purchasing a rental property using a personal mortgage. My lawyer has told me that i can buy this loan using an LLC as long as i sign a personal guarantee with the bank guaranteeing the loan with my assets.
However my lender has told me that Fannie and Freddie wont let me do this and that is only possible to do this on a portfolio loan. He also told me that what I can do is go through with the current loan using my name and use a quick claim deed to transfer title after I close.
So, who is right? My lawyer that says I can do buy using my LLC with a personal guarantee or my lender who says I cant and have to wait until after closing to transfer?