Looking to buy my first property. Credit score of 630. Have some money in home equity. Would like to invest under the protection of a corporation. How do I go about finding a mortgage broker or a group of investors that would lend me money to purchase my investment property?
If you purchase in the name of a corporation, it would be considered a commercial loan. However, you can buy the property in your name and then transfer title into the name of the corp for legal and tax purposes.
You should be able to find decent financing with a 630 score and money down.
yes you should try purchasing the property under your name first, the rates will be much appealing then if you had to go the commercial route.
You might be able to find a broker on this website by placing an ad or going to the network ad section this website under investor resources on your left hand side. That or flip open your phone book for mortgage shops in your area.
I’m in a similar situation, but have already gotten my loan (for an investment property) in my own name. I have an LLC. If I go to a title company and change ownership to the LLC, won’t that flag the bank to possibly call in the loan? If it does, I’m stuck having to find a new loan or keep it in my own name. Any help on this from someone’s experience or knowledge in the industry??