Refinancing for corporation - Posted by Casey

Posted by E.Eka on October 24, 2003 at 09:44:28:

That lender/agent that you’re dealing with is foolish and perhaps inexperienced. They probably don’t know the format of a corporation. They think that even though it’s in the corp and you cosign, that if you default, they can’t come after you. There’s a reason you put the properties in the corporation.

Refinancing for corporation - Posted by Casey

Posted by Casey on October 24, 2003 at 09:39:26:

I have encountered a snag with refinancing lately and am looking for advice. I have a corporation with two homes. The first round of financing was signed by me as the president of the corporation and cosigned by me in my personal capacity. I am now encountering issues with refinancing. My refinancing lender thinks that I have to transfer the deed over (out of the corporation) in order to refinance. They will not consider the option of having me cosign personally. I believe it is because they have never done it before (at least this particular agent). Does anyone know if there are lenders out there that will let me sign for the loan personally yet let me keep the title in the corporation’s name? I’m open to other suggestions, I just would like to keep the house in its corporate ownership status.


Yes,… - Posted by Jim (MD)

Posted by Jim (MD) on October 24, 2003 at 10:08:09:

there are lenders that will allow you to keep the property inside the corp, LLC, or trust and refi. Check with small local or regional banks who will keep the loan in their own portfolio.

Most lenders will not do the loan in a corporate name because they cannot sell off the loans to the large marketers. If you can’t find a small bank to do it, or if a bank will not do it because of credit issues or the property being in an undesirable area, you will have to put the property in your name until the refi is complete, then you can deed it over to the corp.

Good luck.