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Updated almost 4 years ago,
Lending to an LLC question
Hi Everyone! I'm new to RE investing in the Albany NY area, and everyone seems to suggest putting my investment properties into an LLC. But when I speak to multiple banks, they dont lend to an LLC. I have one investment property currently, and looking for an additional one this year. I'm considering forming an LLC, trying to somehow transfer my current property into it, then buying the new property through the LLC. But again, I cant find lending for an LLC. Is the only way to buy the house under my own name and then transfer the property backdoor into the LLC down the road? Would rather avoid the extra step if possible. Let me know if anyone has run into the same issue, and what a solution may be!
Thanks in advance!