LLC Lending Question

[Joshua Davies]

Hi All, I have recently created a new LLC in TN for the purpose of Real Estate Investing and the LLC has 3 members (33.3% each) including myself and 2 foreign investors from the UK. As my partners are foreign, they will not be able to obtain financing here in the US so the mortgage will be in my personal name. We will then transfer title to the LLC upon closing (we have received lenders permission to do this). My question is, when we come to purchase another property will the lender view me as responsible for the whole mortgage debt and only 33.3% of the income? Or can I use my LLC returns to offset my monthly obligation? Below is from Fannie Mae: “If the borrower is personally obligated on the mortgage debt (as evidenced by inclusion of the related mortgage(s) on the credit report) and gross rents and related expenses are reported through a partnership or S corporation, the business tax returns may be used to offset the property’s PITIA”. If anyone has any knowledge of this or experience in doing this please share! Thanks!