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Mortgage Approval process when buying as an LLC

Posted by W. Alex Benitez on January 2, 2013 at 3:12pm

Hello all,

I am considering purchasing a property as an LLC with a partner.  I have excellent credit score however, my partners score suffers.  My question to those that have bought as an LLC is...what is the approval process when buying a property as an LLC? Do the banks look at all those in the LLC or just one individual for approval?

TIA

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Replies

  • Hardmoney
    Joel Kraut January 17, 2013 at 6:56pm

    You are best served to buy in LLC and execute loan through a commercial bank NOT a residential lender. 

    Set it up to have the partner with poor credit to own less than 20% of the entity and they will not need his guarantee nullifying his/her credit challenge.

     

    Be great,

     

    Joel

     

     

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