LLC Needed for Indianapolis Hard Money Lender?

[Ryan Corbeil]

Has anyone had experience borrowing from a hard money lender for an Indy investment without an LLC?

I've spoke with a few national lenders that tell me it's better for me to create an LLC for tax purposes, but I was planning to submit my personal finance info to get a proof of funds letter before connecting with an agent and submitting offers.

[Account Closed]

Hard money lenders do not look at your personal finance like w2 and tax return. All they want to know are that you have the down payment and the project will be profitable. So as long as you have these two, you should be able to get a preapproval from a hard money lender. LLC is typical for hard money lenders. I am assuming you are doing project like fix and flip. You don't want this loan go to your personal name too because it will affect your personal DTI. Putting it under LLC doesn't affect you qualify for conventional mortgage to buy your primary home, etc.