Your loan officer is correct and you will run into the same situation where ever you apply.
Lenders want to lend to people, not a new unproven LLC only a few months old, that has no established track record, and has the capability of dissolving without any personal liability.
I see newbies think they should form an LLC first, and buy properties in the LLC name. Wrong! Nobody will lend to a new LLC. The way is to get the loan in your personal name, then transfer to the LLC for asset protection.
[ Edited by tbird56 on Date 02/15/2007 ]
Usually to the owner AFTER any liens are paid.
Your loan officer is correct and you will run into the same situation where ever you apply.
Lenders want to lend to people, not a new unproven LLC only a few months old, that has no established track record, and has the capability of dissolving without any personal liability.
I see newbies think they should form an LLC first, and buy properties in the LLC name. Wrong! Nobody will lend to a new LLC. The way is to get the loan in your personal name, then transfer to the LLC for asset protection.
[ Edited by tbird56 on Date 02/15/2007 ]