I am a little unfamiliar with the LLCs and Land Trusts. If I set one up how do I get preapproval in the name of the LLC or Land Trust, who is the preapproval based on? I would assume the beneficiary for the Land Trust but wouldn’t the bank not know who the beneficiary was?
For the LLC, if it was formed with three people, which one would it be based on or do you chose?
It depends on the lender. Unless it is a non-recourse commercial loan you will most likely have to make a personal guarantee on the loan. So at least one of the threeparties will have to have their credit reviewed.