Posted by Barbara_NY on March 15, 2002 at 09:09:56:
I’m in NY. Don’t have an LLC but am a strong advocate. I’ve worked extensively with investors in NY as a jr. investor who do operate our deals through LLC and other formalized, legal entities. I’ve talked with dozens of lenders an your lender was being honest. Most lenders in this market do not have programs or $$ groups that work well with an LLC unless there is a personal guarantee attached. But, the good news is there are just as many who will. Just keep calling lenders until you find one with a program that will work. Good Luck.
need comments – my wife and I are newbies. Just met with our tax consultant and he recommended an LLC (we are interested in multifamily and/or multiuse (apartments over stores)) for maximum asset protection - in addition to a large umbrella policy.
Spoke with a lender today and said that depending how we use the LLC, we could run into a lot of hesitancy from lending institutions.
Haven’t met with a real estate attorney yet, but was wondering if anyone could lend some insight?
If anyone on this board uses LLCs - could you run us through the mechanics prior, during and post purchase?