Getting Financing When You Are A LLC
I am having a hard time getting financing because I want to do it through my LLC. I have excellant credit score and are willing to lend me $$ personally -- not the company. Any suggestions.
Thanks
NJH
Yep.
This is what we do.
We buy the property in our name, then we deed it to our LLC or land trust.
Thanks,
OTW
But doesn’t that defeat the purpose of LLC? I didn't want to get my personal finances or be personally responsible for some unforeseen problem.
commercial property can be purchased under an llc. However, you'll still have to sign a personal guarantee regardless. If you have two or more years of seasoning for the LLC you'll have better luck.
I just finished calling about 30 lenders two weeks ago and talking to private investors as well. I was looking for a loan under the LLC for flipping homes. I have an 11 unit apt bldg, got a llc loan no problem because it's a commercial loan, still I had to sign a personal gtd.
Single family and bldgs 4 and under are considered residental loans and you'll have to buy them on your credit and then quit claim or deed them over to the llc.
The LLC is mostly for asset protection in the event of a law suit. Your still liable for the repayment.
My question is, what can one do if they already have property deeded in the name of LLC free and clear? I need to get financing for these properties. Should I redeed them in my personal name to get financing and then redeed them back to LLC? As you can see I am really new to all of this and what I've read about deeding to a land trust was all fuzzy. Still trying to figure out what exactly a land trust is and if its the same as a plain old trust? :-?
My question is, what can one do if they already have property deeded in the name of LLC free and clear? I need to get financing for these properties. Should I redeed them in my personal name to get financing and then redeed them back to LLC? As you can see I am really new to all of this and what I've read about deeding to a land trust was all fuzzy. Still trying to figure out what exactly a land trust is and if its the same as a plain old trust? :-?
My question is, what can one do if they already have property deeded in the name of LLC free and clear? I need to get financing for these properties. Should I redeed them in my personal name to get financing and then redeed them back to LLC? As you can see I am really new to all of this and what I've read about deeding to a land trust was all fuzzy. Still trying to figure out what exactly a land trust is and if its the same as a plain old trust? :-?
Quote:
On 2005-01-21 12:19, nayewilson wrote:
My question is, what can one do if they already have property deeded in the name of LLC free and clear? I need to get financing for these properties. Should I redeed them in my personal name to get financing and then redeed them back to LLC? As you can see I am really new to all of this and what I've read about deeding to a land trust was all fuzzy. Still trying to figure out what exactly a land trust is and if its the same as a plain old trust? :-?
Not an expert on lending, but I believe you have to be the owner (on title) for a lender to lend money against the property. Not sure if you are a single person LLC if your personal guarantee on the loan would work--ask your knowledgeable mortgage broker.
One thing to note, if you do have to deed back and forth--if you have any transfer taxes in your state, you may have to pay them each time you transfer the deed (to yourself, then back to the LLC). If you do, make sure you put that into your cost equations.
Andy