Convert several loan to one under LLC?

Financing, Hard Money Lenders, Private Money
1

I need help on this problem.

There are limit on how many loans an individual can acquire from a particular lender. I was just told since we have reach the limit, that we no longer can get the loan from the lender (countrywide).

I am sure we are going to experiece the same problem with other lender eventfully. Here is my questions:

If all loans are with countrywide, and all with 20% down, can I ask countrywide to use My LLC to assume the loans and I as additional guarantor, maybe even change to recourse loan and add additional my asset to as collateral?
Is this going to work? B/c lender receive additional propection and I can move loans off my credit report?

Thanks.

2

Why not just switch to a new lender? There are many lenders that will allow you to finance a large number of properties? For example Greenpoint will allow you to have 20 with them. Countrywide is not going to allow you to switch the notes into your LLC. You would have to refinance the loans to do that. You might also consider a blanket loan.

3

Chris,

Thanks, appreciaite your advice!

4

Another direction that might be worth evaluating is securing a blanket mortgage secured by your LLC.

Feel free to contact me if you have any questions.

Regards,