Updated almost 5 years ago on . Most recent reply
FHA 203K Loan purchase from an LLC
Hello,
Our LLC made a cash purchase on a mixed use building. We wanted to know if we could use a FHA 203K loan in our individual names to buy the building from our LLC?
To give you some context we purchased the building under value with a decent amount of equity. Going the FHA route to purchase the building at full value you would give us a profit to fix the commercial unit.
Is this feasible or does anyone have any experience with this method? Thank you for any insight we greatly appreciate it.
Dave