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Updated about 8 years ago on . Most recent reply

Jeni Lu's profile image
Jeni Lu's profile image
Jeni Lu
  • from Holland, Michigan
  • Member since Jul 22, 2013
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19
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2
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Jeni Lu's profile image
Jeni Lu's profile image
Jeni Lu
  • from Holland, Michigan
  • Member since Jul 22, 2013
Connect
Jeni Lu
  • Holland, MI
2
Votes |
19
Posts
Private Lending & Conventional Mortgage Advice

Loan for a house owned by LLC

Jeni Lu
  • Holland, MI
Posted

Hi! I have a rental house that is owned by an LLC. I was told by one bank that I would have to get a commercial loan because the house is owned by an entity, and not a person. How do commercial mortgage loans compare generally to personal mortgage loans? The bank rep said that commercial loans are typically due in full after 5 years? Can anyone verify this? That would be so much tougher than the typical 15 or 30-year loan!

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