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Updated almost 5 years ago on . Most recent reply

User Stats

19
Posts
22
Votes
Robert Timm
  • Realtor
  • Indianapolis, IN
22
Votes |
19
Posts

Mortgages through an LLC

Robert Timm
  • Realtor
  • Indianapolis, IN
Posted

Hey BP Community,

I am looking to purchase a few properties in the 60-80K dollar range. After taking Brandon's 90 day challenge I kicked it into gear and set up my LLC and I'm ready to put down 20-25% on these properties. I have connected with some people in various areas and found some properties that I felt comfortable putting in an offer, but I'm running into an issue with lending.

I'm really only interested in 30yr FIXED mortgages, not adjustable rate - which it seems is about all I can get through my LLC. I'm trying to persevere through all of the no's (about 4 banks so far), but I wanted to reach out to this awesome community and see if anyone has advice.

I know I'm not the only one to purchase property through a business, and I definitely know I'm not the only person who doesn't want to do a balloon type mortgage. Does anyone have any suggestions for lending through an LLC?

Thanks guys!

Most Popular Reply

User Stats

863
Posts
554
Votes
Jake S.
  • Rental Property Investor
  • Minnesota
554
Votes |
863
Posts
Jake S.
  • Rental Property Investor
  • Minnesota
Replied

Hey @Robert Timm! No problem man.

Simply buy the property under your name, after closing, transfer title to your LLC. There is a SLIGHT chance that the bank could call the loan due if it's discovered, but it doesn't happen often.

Banks really don't like lending to LLC's

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