Posted by Jane on January 22, 1999 at 10:30:53:
Am working with a mortgage broker to obtain financing on an investment property to be purchased through an LLP, taking title with a Land Trust, as recommended by this site for our financial security. LLP to be financed 90% by my husband and I and 10% by a friend.
Several questions have come up. How should owner be listed on mortgage and deed for best protection and advantage to all parties? Broker mentioned possible concern by lenders if we don’t list our names on mortgage.
Is it best to just give our financial info for the mort appl, as we will easily qualify and prefer to keep it simple, rather than include the 10% investor’s financial info as well? Thanks.