Cash Out Loans for LLCs in Texas - Differences
Hey,
Had a question: What do you suppose lenders look for when performing cash out loans in Texas for an LLC?
As a sole proprietor, I've acquired 3 homes all cash, then performed a cash out so I'm pretty familiar with what a mortgage company expects in this situation.
How does it change for an LLC? Do they consider cash reserves (if so, any difference)? Salary for a key employee, in this case me (which means I'd have to pay myself a salary in my BP, not just commission). Do they take into account my other assets? Are they looking at my credit score, even though it's really a company that they're lending to.
Thank you!
-billy