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Updated over 4 years ago on . Most recent reply
Pre-Approval For LLCs?
Hey All,
I plan on calling around a bunch; but, I'm trying to get in position with financing options for a purchase. I'm finding some banks won't approve a mortgage for an LLC. Have others run into this? Which banks do? TIA!
JD
Most Popular Reply
Greg Scott
#2 Managing Your Property Contributor
Pro Member
#2 Managing Your Property Contributor
- Rental Property Investor
- SE Michigan
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Greg Scott
#2 Managing Your Property Contributor
Pro Member
#2 Managing Your Property Contributor
- Rental Property Investor
- SE Michigan
Many banks will do those loans, you just have to talk to the commercial loan department instead of calling and asking for a mortgage.
But, are you sure you want to get one? The rates and terms are no where near as good as a conforming loan product. You just need to hold the property in your name instead of an LLC.