Purchasing residential property using an LLC

[Antonio Esquivel]

Here is a subject I am not understanding very well and maybe someone can help me out.

I currently have one rental house that is under my name, but I plan to make an LLC and transfer title. I understand that the mortgage will still be under my name because banks don't have as much to trail back to if I start missing payments, and thats the LLC's only asset.

However, once I do have an LLC is there anyway I can obtain a mortgage just under the company? I've talked to a couple banks and most wont lend to an LLC because it's too risky.

I do know that many people will purchase a property and then trasnfer title, but this would defeat the purpose because evertyhing is still in your name financially.  I would like to keep my credit from showing multiple mortgages and keep my personal information and company seperate.

I would appreciate any recommendations, thanks!

[Ursula B.]

Hi Antonio, we use Navy Federal Credit Union. They do commercial loans in the name of the LLC. It does require a personal guaranty, but the mortgage does not show up on our credit report. I don't know if they have a minimum loan amount...our first was ~$31k with them.