All Forum Posts by: Michael Shadow

Thanks for your input. I've met with two banks now and it looks like I have to go with a commercial loan to get the loan in the LLC's name. The only reason I want it in the LLC name is for asset protection from everyone else, I"m not concerned about protection from the lender. I am working on getting a loan for 80% and the remainder is coming from the capital I've invested in the the LLC and the other 8-12% or so is going to come from a HELOC we got on our primary.

As for the credit rating of the LLC, by getting the loan in the LLC's name will that begin to establish a credit score for the business? I am personally guaranteeing the loan so from my understanding I will be like a co-signer on the loan for the LLC. Am I thinking correctly on this or is there some other way to establish credit for the LLC?

Thanks

Does anyone have any advice on getting a residential mortgage in the name of my LLC? I went to a broker and they said I wouldn't be able to do it, that I would have to get the mortgage in my name and buy the property in my name then transfer it to the LLC and pay transfer taxes again.

Do you know of any lenders that will let me get the loan in the LLC name with out having to pay the higher interest rates for a commercial loan? Or are their some questions I should ask my local lenders to find the right brokers/banks to work with. Is there a trick to it?

Thanks,

Anyone from the State College, Bellefonte area?