Creating LLC Partnerships

[Eric Sims]

When creating an LLC with equal partners how is credit viewed? If we wanted to get a loan do they check each equal partners credit?

[Michael Henry]

@Eric Sims when getting a commercial loan anyone with 20% or more interest in the company needs to be on the loan application. A lot of time many investors will use a normal consumer loan, where one of the partners do the application individually. Then put the property back in the LLC name after the mortgage has been recorded.