All Forum Posts by: Frank M.

Thanks Theresa,

I forgot to mention, the person who qualified for the loan made investments to improve the land, prior to drawing from the construction loan, totaling around 170k. More money will be spent most likely to offset overruns before the project is complete. Would it be preferable to adjust the percentage ownership, or detail repayment in the operating agreement? Or something else?

Hello,

My brother and I are building a vacation home on land that was inherited, and are planning to covert the deed into an LLC when construction is complete. The down payment for the loan is the value of the land , owned free and clear, so 50/50. If only one of us qualifies for the loan, and assumes financial risk, should the LLC maintain a 50/50 split? All duties outlined in the operating agreement will be split equitably.

Thanks

Frank