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Updated over 5 years ago,

User Stats

45
Posts
18
Votes
Lincoln Coverdale
  • Beachwood, OH
18
Votes |
45
Posts

LLC Entity Check - Properties previously owned

Lincoln Coverdale
  • Beachwood, OH
Posted

I am purchasing a property and using CoreVest Financing. CoreVest requires that all properties in a LLC be owned out right or financed with CoreVest. We currently have a 2 properties in the LLC we are purchasing the new property under. Both of the properties are financed by a third party. My plan was to move the existing two properties out, but was told by CoreVest it may take a length of time for the properties to come of the LLC's report they pull, preventing us from closing the current deal on time. CoreVest uses a service called Clear to check our LLC. Does anyone have experience with this type of situation and how long it takes after a property has been transferred out of an LLC before it comes off for reporting purposes?

I know we can form a new LLC for the purchase, but the bank has taken 30+ days to accept our offer and the property is scheduled for Sheriff's sale in a few weeks and I am concerned we won't get bank approval for a new purchaser before the Sheriff's Sale.

TIA

Lincoln 

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