Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

38
Posts
19
Votes
Erica L.
  • Rental Property Investor
  • Northeast (NJ DE, PA)
19
Votes |
38
Posts

Need guidance with first loan under LLC

Erica L.
  • Rental Property Investor
  • Northeast (NJ DE, PA)
Posted

Hello all, I'm hoping someone can point me in the right direct. My husband and I have 3 rental units currently in our own name. We just opened an LLC to build our portfolio. We new found a property we are in final negotiations with- however, I didn't realize the process of getting the loan would be totally different (as we were already preapproved with our personal lender using putting it under our names). My attorney discouraged me from putting it in my name then signing the title over to the llc bc the lender my call it). Anyway, I'm currently waiting on info from an underwriter my lender suggested but he kind of sounded like it wouldn't work because the purchase price is only $80,000 and his personal fee is $3,000 (which doesn't include closing costs etc)...

Can someone help point me in the right direction so I can get a loan with similar terms to that of a conventional? Preferably without having to jump through hoops and hurdles. We both have A+ credit with a great debt to income ratio. 

Thank you in advance. I appreciate your time and consideration. 

~Erica

Loading replies...