To LLC or not to LLC
I have read that it is harder to aquire financing in an LLC than it is personally, and I was wondering what experiences you guys have had. My credit isn't very good so it would not be easy to get loans with just my name. Thanks in advance for your advice. Jon
I believe that it is very difficult for a LLC to get bank funding as a unit by itself.
Bank will lend to an LLC with your personal guarantee, your credit and your income.
So esentially it is like you getting a loan and then moving it into an LLC - then it is just like normal lender financing.
try ELOANS.COM this people helped me out tremendously!
Had same problem today trying to aquire a loan. I have an LLC with paid for property I wanted to loan against and nobody wants to touch it unless they can treat it as a commercial loan. Lot's of BS to deal with on commercial loan. So, yes it is one of the pains of having an LLC, but the rest is worth it. You might try equity loan on your home....banks like to loan on what you live in, because they know you don't want to be in the street.
good luck -
gtrzndrums