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Updated over 3 years ago on . Most recent reply

User Stats

54
Posts
33
Votes
Joe Matthews
  • Real Estate Agent
  • Melbourne, FL
33
Votes |
54
Posts

Commercial Loan or Quit Claim Deed, which route to take?

Joe Matthews
  • Real Estate Agent
  • Melbourne, FL
Posted

I’m in the process of applying for a loan for my first investment property.

A lender just told me that Fannie Mae/ Freddie Mac require their loans to be under my name personally. They explained in order to purchase under an LLC I would have to do so under a commercial loan. Otherwise I could do a quit claim deed 6-8 weeks after closing and change the ownership to an LLC. I am new to this process and my question is what route do investors typically take when investing a property under a LLC.

The area is in Milwaukee if that matters in any way.

Thank you,

Joe Matthews

Most Popular Reply

User Stats

96
Posts
68
Votes
Rolly Weaver
  • Helen, GA
68
Votes |
96
Posts
Rolly Weaver
  • Helen, GA
Replied

Not legal advice....

For the properties I've put in LLC, its always been done some time after closing, as the bank wants a person to be liable if the payments stop.

In short, commercial, can get loan in LLC, but you may have to sign a personal guarantee and residential normally in your own name. But it may depend on your bank.

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