Purchasing homes w/ LLC

[Isiah Williams]

Hi Everyone, 

Sorry ahead of time if this question has been answered already, I looked and didn't quite get the answer I am looking for.

If I am purchasing MFR using a LLC, how would that work ? It would be a new LLC with no established credit or income, so how would a bank be willing to finance that ?

Thanks, 

[Tyler Mullen]

Try a smaller bank that has a commercial lending unit. When I last did this they looked at the personal finances and tax returns for LLC members owning more than 20%. They required a personal guarantee also because the LLC was less than 2 years old and didn't have sufficient income yet.

Since you're nearby, contact me if you'd like specifics.