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Updated about 1 month ago on . Most recent reply
Mortgage Lenders for LLC
Hello, due to a hiccup on my personal credit history I am having issues getting approved for traditional financing outside of an FHA which I do not plan to use as I am not going to owner occupy. Anybody have experience with lenders that will do a mortgage for LLCs in Tennessee and Kentucky? Any leads are appreciated. Thanks!
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#2 Private Lending & Conventional Mortgage Advice Contributor
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#2 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
The Lenders tab at the top of the site helps with finding lenders by product and location. Also, I'm sure several lenders will respond to this thread and offer to work this deal.
That being said, the vast majority of mortgage products available (primarily DSCR) to LLCs are still going to consider your personal credit in the underwriting process. If you have a partner and are a minority owner or LP in the deal, you may find something, but that doesnt sound to be the case from your description. Mortgages for LLCs with personal credit under 680 are tough and expensive, and under 640 are typically not really economically practical for the borrower. If your entity has several years of operating history and good and reliable financials, you may be able to find something.