All Forum Posts by: Clinton Jensen

Thanks to everyone for the information. 

I contacted a few lenders and they confirmed that for the LLC it would have to be a commercial lender. I did happen to find out that I can get a loan for property in my name and then transfer the title to the LLC. Technically that would trigger the "do on" clause, however my bank said that they wouldn't call the loan.

@Patrick S. Is the insurance that you are talking about home insurance?

@Ryan Blake I use a credit union for everything and so far, knock on wood, no issues. Now that I know about the policy on loans I will probably use them for at least our first property. I would like any info you can give about the banks you mentioned, so I can compare the numbers. If the numbers add up I may switch. 

Thanks for all of the useful information. 

@Ryan Blake I will definitely look at an additional LLC for investment purposes. I was only looking for asset protection so it looks as though the lone star state is the best bet for it.

It looks like from what I am hearing from you is that a HML may be the best option with a LLC unless I can do as @Paul Ewing said and contact commercial loan officers. I will have to contact a few of them and see if they can help. 

It looks like I have a lot more research to do.  

Thank you for your reply @Timothy Maloney

1. After attempting to get financing from a bank with traditional methods and what your stating, it makes sense that they wouldn't want to loan to a LLC.

2. I went with a Texas LLC because I use it for my other contract work that I perform. What your saying has me wondering if I should take a look at the possibility of setting up another LLC in Nevada for investment purposes. Would you happen to have any tips on where to go for that information?

3. I have heard of using hard money/alternative lending, but I was under the impression that it was used on larger scale investing and isn't for individuals that are just starting off. Is that not the case? 

I appreciate the information and thanks again for the help.

Greetings everyone, I have been trying to find a lender for our LLC's first deal. Everytime I mention that I want to buy property with the LLC, all of the lenders that I have spoken with inform me that they cannot help. I have said that I have no problem guaranteeing the loan, I have 20% down, & my LLC is over two years old with good profit. Is there something else that I need to do, or am I just looking for lending in all the wrong places?