I want to get a mortage to buy a $50,000 duplex. Is it possible to get a mortgage in LLC’s name (I’m willing to give a personal guarantee)?
Talk to a local or state bank. They may be able to offer you that product. Probably 80 % max though.
That’s exactly what we did. Our hometown bank wanted 25% down and we guaranteed the LLC loan.
If you are giving the bank a personal guarantee it will still show up on your credit report as as financed property though. What is your reasoning for putting it in the name of the LLC?
We have done 10 loans now through 4 different local lenders over the last 2 years and they are all the same:
Warranty Deed (Title) in LLC Name
Security Deed in LLC Name
Note in LLC Name
Additional Personal Guarantee on Note
We just pulled our credit, as we do every year, and none of these loans appear on our credit.
this is also what I was told recently. The loan will appear on your personal credit only if the LLC doesn’t pay. Until then, it will not appear on your personal credit. Not sure if this applies to all lenders though.
Hello,
I am looking to get a loan through my LLC on a property I currently own free and clear. I would be looking for a bank that would provide financing for 80-85% LTV. I have owned the property for almost a year now and it has good cash flow. I am in the Dallas, Texas area.
FWIW - ALL of my real estate transactions (other than my personal residence) has been done through my LLC.
Chris