LLCs, corps, etc. - Posted by fuzzlekins

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LLCs, corps, etc. - Posted by fuzzlekins

Posted by fuzzlekins on May 28, 2004 at 08:54:38:

Another question from a newbie … I have been told that banks don’t like to lend to corporations or LLCs (at least not new ones), which makes sense to me. However, I’ve also read that one shouldn’t buy property as a sole proprietor or partnership. So, what’s the magic solution? Do you buy personally (or through something called a land trust, which I haven’t read up on yet) then somehow transfer the property under your corporate or LLC umbrella? Can that be done? I currently own one rental property in a resort area and liability is certainly a concern. I’d like to get it out from under my own name, but I’m not sure how.


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Re: LLCs, corps, etc. - Posted by USA-1 (TN)

Posted by USA-1 (TN) on May 28, 2004 at 10:26:31:

I buy property in my LLC name. I pay cash for the property and fix up out of my pocket. We then refinance and pull out 100% of our investment. The property must still cashflow on a 12Y note. You will have to find a smaller bank that keeps their loans in house. They will work with you until you build a good working relationship, will charge you a commercial intrest rate due to the LCC (1% over 30Y fixed), may have a bit different LTV ratio (70% max) and shorter term (10-12Y). You will also have to sign personally for the note until the LLC builds a credit history. Keep looking you will find a hungry bank. Good Luck James.