I’m just starting out in R.E. investing,and would like to know if anyone has experience obtaining credit in the name of a corporate entity.Does the bank require my social security number when opening an account in the name of the company?
In most cases, residential lenders will not lend to a corporate entity such as a LLC. You need to purchase the property in the name of an individual then deed the property to the LLC. When you refinance, deed the properties back to the individual prior to ordering a preliminary title report. In most cases, your prelim will need to show the property is in the name of an individual. Also be prepared to show documentation on the LLC and its owners.
Good luck.
You use the LLC to get the credit and loans to purchase property. You also use the LLC to transfer your individual debt to the LLC thereby increasing your credit score and reducing your debt to income ratio