Taking out a loan for an LLC

[Jiwei Yang]

Hello, 

I am new to the rental game and decided to create an LLC for future use. I am having trouble figuring out how to get a loan for an LLC. My broker told me that generally, an LLC with no credientials will have a really hard time finding lenders. How do I gain creditbility with my LLC outside of having cash on hand to buy a property outright under the LLC? If I just placed my income into the bank of my LLC then will that count as credibility? I feel like I am interviewing for my first job again; how to I have experience when this is my first job haha?

Thank you, 

Jack Yang 

[Jake S.]

Hey @Jiwei Yang! It is usually more difficult to get a residential loan to an LLC. You could just get one under your personal name and later file a quitclaim and transfer title into the name of the LLC.

There is a slight risk that the bank could call the loan due, but it is not likely