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Updated almost 9 years ago, 03/31/2016
Multifamily Investment Property - how to get mortgage for LLC
I am in process of buying my first investment property and need some advice. I couldn't find any lender who will give a conventional loan to a LLC so I got the mortgage in my name and the idea was to transfer it to LLC after closing. But my lawyer is suggesting that it can;t be done without lender's consent that the title has been transferred to a different entity and per my mortgage broker, while this is usual practice, lender wont give a written consent. I am sure I am not the first one to buy an investment property in LLC so what is the best way to do it.
Also, before suggestions are made to just get an umbrella insurance, I am also using LLC to create a partnership so need LLC not just for liability coverage.
Also, i could find one lender who was willing to give a loan to LLC but it was a commercial loan with a high interest rate..
More information about the property - 2 unit investment property in North Jersey with a contract price of 275k. 1 unit is already rented out and i is recently renovated but empty.
I am newbie so apologies if this was answered already - I did search but couldnt find anything and let me know if you need more information. Appreciate your advise/feedback. Thanks.