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Updated almost 5 years ago,
Purchasing a property under a LLC
HI, I am a new investor, looking for a property in Colorado. I am going into buisness with a friend so we will be forming a LLC. We were told by a lender today that houses are not purchased and money is not lent to LLC's. It is done to the person or people individually and then after transferred into the LLC.
So my question, in Colorado, Can a home be purchased under a LLC while also having the mortgage put under the same LLC. Or, does the home get purchased under your personal name and the loan issued to your personal name, and then after, the title of the home is transferred to the LLC (which is what I was told by a lender). If the latter is the case will the mortgage also get transferred into the LLC's name?
Thank you for any help!