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.
is the same true for a land trust? How would the bank know who to use? Would anyone be able to make the personal guarantee?
Sorry if these questions are novice, I am new to LLCs and land trusts.
Once again it all depends on the lender.
I bet the lender would want all principals on the document.
What are you trying to accomplish with the LLC/land trust? There might be an easier way.
Not sure if this will help but the following is a link to an article on this site that I found helpful.