Personal Financial Statement when real estate is owned in LLC or INC?

[Lee I.]

I've been looking over various personal financial statement templates and one thing confuses me. If I own real estate wholly or in partnership in the form of an LLC or a corporation, how do I list this on a PFS? Is the real estate section under assets only for real estate owned in your own name? If I own a corporation that owns the real estate, do I list the corporation shares under securities rather than the property the corp owns under real estate? What about property owned through LLC membership, which from what gather may or may not be considered securities?

[Steve Wilmers]

Banks and lenders can vary in how they like this information presented, but in my experience this is how I would request that it be laid out.

I'd list all of the real estate assets individually under the real estate section (if viable), whether they're held personally or in a real estate entity.  To show that some of these assets are held within an entity, after the address or property name you could simply include the entity name for additional detail.  For partnerships, you could either show solely your share of the value and debt in the property, or the entire property value and associated debt.  Either way, especially if there is a significant difference, be sure to note how the partnership shares are represented.  Don't list any of the RE values in securities, unless it is a publicly traded company.  

In the end, the lender simply wants to have a good overall picture of your personal financial situation.  To put some icing on the cake, feel free to add in some additional detail at the end on how you filled out the form just to ensure you and the lender are on the same page.