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How to get a loan to an LLC that is being formed to purchase an invetsment condo?

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June 30 2012 - Staten Island
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Begin by looking for a commercial lender.  Most, if not all, residential mortgage lenders will probably not be able to help you, but a residential loan officer with a major lender will be able to direct you to his/her commercial counterpart.

Getting a loan on your SSN and transferring it to the LLC would seem to defeat one of the major reasons for forming the LLC: anonymity.

I hope this helps.

Ernie Curtis.
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August 22 2012

If the LLC is newly established, the lender is most probably will require a personal guarantee, and the interest rates will be higher. So technically you can end up having the loan under your SSN with higher rate. There are other options of buying an investment properties and transferring to an LLC. One of the example being, buying with personal credit, then transfer the title into a trust, not to trigger due on sale clause of the loan, and then assign the beneficiary interest into LLC. Please consult a appropriate professional in your state before going through any process.

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June 30 2012
 
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