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Updated almost 8 years ago on . Most recent reply

User Stats

54
Posts
14
Votes
Craig Smith
  • Investor
  • Wilkes Barre, PA
14
Votes |
54
Posts

Where to get a mortgage/home equity loan for an Primary LLC home

Craig Smith
  • Investor
  • Wilkes Barre, PA
Posted

Bought a single family home for a flip $271000 cash last November. Planned on being in it less than a year so I put it into a LLC (that I started in 2015) for tax purposes. The LLC only holds the house. House is worth conservatively >$300000. I wanted to take out a Mortgage/home equity loan for $80000 to pay off (plus shift to tax deductible interest) some loans and credit cards we used to purchase the property, and also have $ to redo the roof, paint the outside and Kitchen remodel.

My wife went to Wells Fargo for the loan and they said because the LLC has no credit history they can't do the loan. We were looking to use her credit/job but the house equity. We currently live in the house till it sells.

Looking for advice the options?

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