getting a regular mortgage on a llc?
I have a property under a llc that I need to take a mortgage out on. Does that mean I will need to get a Commercial mortgage or can I get a regular mortgage if I personally guarantee it?
- SlumlordLv 77 years agoFavorite Answer
I take it you are the sole owner of the llc (or the other owners will be on the mortgage). I've had real trouble doing this, to the point where I have to transfer the porperty into my own name, take out the mortgage, and then transfer it back into the LLC (the bank didn't really care that is was in a LLC, they could call the loan but didn't and said beforehand they wouldn't). This may be the best way, but you can talk to your bank and see if they can suggest something else,
I don't think you can get the loan in the LLC's name unless the LLC has some history showing its income and expenses for at least a few years - to porve it can handle the debt payments from a mortgage.
- ?Lv 77 years ago
No regular mortgage. Regular mortgage is for your primary residence ONLY.
Thus you will have to secure a commercial mortgage.