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All Forum Posts by: Loren Blackwell

Loren Blackwell has started 1 posts and replied 1 times.

Starting Out

Post: Unable to get a home loan under LLC

Loren Blackwell
Pro Member
Posted
  • Posts 1
  • Votes 0

Hi there, my brother and I have just formed an LLC with the goal to flip a property. This will be our first investment and have found that we cannot get a loan under the LLC without 2 years of P&L statements.

We have the funds for renovation but not for the entire loan amount. Is it possible to take out a mortgage under our personal names and then convert it to the LLC later? What do most people do in this situation?

0 Votes