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Updated almost 5 years ago on . Most recent reply
Getting a mortgage under LLC
My partner and I are looking to purchase a SFH in Philadelphia and have recently formed an LLC as an investment vehicle. This is our first purchase and are planning on making more purchases under the same LLC. We are new to real estate investing and have heard it's difficult to obtain a mortgage under an LLC name. We understand that as a recently formed company, we will personally need to guarantee the loan. Does anyone have prior experience on getting started with a LCC?
Most Popular Reply
You do not have to have your business score and it doesn't matter how old is the LLC. The lender I use will lend to any LLC as long as you personally guaranty the loan and have good enough credit score. The loan would be commercial and would not get on your personal credit history. Also they analyze the property and need to have rental income cover PITI and have some reserves. And your personal or your LLC's income is not that important. Talk to local banks and credit unions. Some of them have similar criteria.
Hope this helps