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bobm196 | Is it possible to get a mortgage for a single family investment home under the credit of a corporation or LLC? |
Is it possible to get a mortgage for a single family investment home (non owner occupied) under the credit of a corporation, LLC or Trust alone..If so what are the requirements and what lenders do this?
Thanks! |
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Lesley
 |
It is possible if the lender thinks there is enough assets in the entity to pay off the loan in case of a default. But typically, since people usually only want the home to be the sole asset of the entity, the lender is going to almost definitely require a personal guaranty by the person putting the property into the entity. |
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bull_rooster_aardvark
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Sure but the entity has to have enough credit and/or assets that the bank will give them the loan. The lender just looks at the entity the same way they would an individual and tries to determine if it has enough assets and income to afford the loan. |
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Anna
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Generally speaking, an investment property requires a conventional loan and a greater down payment than an owner-occupied home. Conventional loans are made by banks and commercial lending companies, so look in the yellow pages for commercial loans.
Most lenders will look at both the financial assets of the company and its principal shareholder. In many instances, the loan is made to the company, but the shareholder has to guarantee the loan with his/her assets. The decision to hold the shareholder responsible is based on the financial viability of the company. Also, the expected rental income vs the monthly mortgage payment will also impact how the paperwork is handled. |
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peter n
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You can do the loan, but be prepared to come up with a BIG downpayment. |
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Big daddy
 |
Anything is possible but I know some lenders will absolutely not lend if a corporation or LLC is in title to a property, then some will. What concerns me is with the credit crunch and tightening underwriting guidelines, more lenders may force you to deed out of the corp or llc to an individual. Be careful though, some banks will tell you sure then can, just to get you in the door, then during the processing of your loan tell you that you must deed out of the llc or corp. You may want to see if you know of a mortgage broker through your family or contacts. Let them call the banks to see if they will do the loan or call the banks yourself. If you know a real estate attorney, contact them, they may know what banks will let you proceed with the llc or corp in title. With the lender I used to work for, they would make you deed the llc out, remember though, if you want, you could deed out to yourself, then after the transaction, deed the property back to the llc, just a thought |
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Dale H
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World Mortgage used to do this. They are now part of Wachovia and I haven't been in tune with all of the changes that may have taken place since I left them last October.
You would have needed about 25% down and the LLC would have to have the income, credit and assets to qualify just as an individual would.
Trusts are not that big a deal. The trust would just have to be reviewed by the lender. However, I think you would still be the guarantor if the property is vested in the trust for most lenders.
Other lenders will allow the property to be vested in a trust or an LLC, but usually want you to be the guarantor of the loan; not so with the World scenario.
If you have a relationship with a broker, ask them if they are signed up with Wachovia. Or you can go straight to Wachovia retail.
Your program options will probably be limited and these are not necessarily agency programs.
Some of your local banks may also be able to do something for you if they portfolio loans.
Good luck. |
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Hawaii Home
|
Yes. Your corporation applies for the loan in the same way that you would normally apply. The corporation buys it.
Talk to an attorney about LLCs and trusts. It will be worth the money.
Call a few local Realtors and get some recommendations for who to talk to. |
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samplespilates
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Sure-- People do that all the time, especially if you are a private investor buying a portion of the single family home for future gain. It is done all the time in Gwinnett County Ga,and the actual title is shuffled around a little bit, so you never are sure which LLC has it. It certainly is a way to keep actual buyer and seller information private- so seekers searching for a last name, or firm, would not easily find it/ but whether declared as a "single family home", you would have to check with the tax examiner's office. Most of these LLCs seem to buy it with the intention of the property eventually getting commerical zoned. My guess is that you would be hard pressed to find a mortgage company willing to lend you, say $450,000, for a single family home that your not going to live in. Also, you may want to reconsider trying to use credit of a corp. (unless your the president/owner of the corporation, or you were referring to the company's 401K or perhaps credit union) and the trust, I am assuming hopefully this is the buyers personally owned trust-if I were you, I would absolutely make sure it was or whos it is because --- You will get into real trouble if you mismanaged someone else's trust. |
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Jackofalltrades
 |
NO and YES
Maybe you could have a couple of years ago but I seriously doubt you are going to find anyone that can do it under a corporation or an LLC until the market gets better. Most people do not want to waste their time on deals like this no matter who you are because it is allot of paperwork.
Another factor is depending on how long your company or LLC has been around. I suggest getting a business line of credit and pick a company that can do the whole deal. This will generally take about a month or two. Line of credit and mortgage. Line of credit only if you need it but it does and will help.
I personally know I can get the deal done no matter where it is. Both the line of credit and home loan.
Requirements are going to depend on so many factors it is to much to list.
If you really want a deal like this done you can give us a shot. I guarantee we will be the cheapest and the best bet. You can contact me direct if you would like or request information on my companies website. Even though we are in Las Vegas we can do a deal anywhere.
www.lentusinvestments.com
Bill Wheeler
702-412-0193 |
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