Financing in Downingtown>Question Details

Klepropertie…, Real Estate Pro in Downingtown, PA

I know that the economic downturn has changed most banks willingness to provide mortgage financing to LLCs. My questions is does anyone know of a

Asked by Klepropertiesllc, Downingtown, PA Sat Oct 22, 2011

bank that is currently providing mortgage financing to LLCs?

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6
If the LLC is making money (showing income on tax returns) you can get a loan. You most likely need to go to a local bank and stay away from a lender selling loans to Fannie Mae or Freddie Mac. Really need to understand your gameplan to properly answer the question. Don't hesitate to contact me, thanks.
0 votes Thank Flag Link Sat Oct 22, 2011
Hello Kie,

Banks thazt are selling the loans to Fannie Mae will not lend to LLC's as Fannie Mae will not accept them.
Therefore you have to look at local lenders that will protfolio these loans.Usually their rates are higher and most of these lenders are doing 5/1 7/1 or 10/1 ARMs which means your loan will not be fixed for 30 years.Also they may only amortize for 20 or 25 years. Yes they are being very selective who they lend to because the economic climate demands it if they are to stay solvent. I do have a lender that will fix in for 20 years on an LLC provided the properties are ouside of the city. I also have other lenders that will fix in for 10 years on a 30 year amortization. And the program Linda was referring to 80/10/10 with the credit union does not apply to investment properties.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Sat Oct 22, 2011
Call Kevin Sutera of Mortgage America 610-212-7461. He may be able to help.
Good luck
0 votes Thank Flag Link Sat Oct 22, 2011
Call Dawn Bressler with Franklin Mint Federal Credit Union. 610-733-2276.
I had a closing with her last week. Dawn mentioned that her Credit Union was still doing 80/10/10 and other types of financing not found at larger Banks. You may have more luck with local Banks and Credit Unions. Good Luck

Linda Burgwin
Realtor ® ABR / EPRO/Relocation Specialist
Long and Foster Real Estate
92 Lancaster Ave. Devon,PA 19333
Office: 610-225-7400
Fax: 610-225-7401
Direct:610-225-7451
Cell: 484-716-0163
Email: lgbhomes@aol.com

It is only a Buyers Market if you "BUY"
0 votes Thank Flag Link Sat Oct 22, 2011
LLC's no longer provide the protection that they once did. Banks will lend to LLC's but only with personal guarentees from the members which defeats the entire purpose of the LLC.
0 votes Thank Flag Link Sat Oct 22, 2011
Not sure if you mean for purchase of new properties or on going business. We have several mortgage brokers and bankers who are currently lending money. Contact me directly, happy to give you a list of people to contact.
Web Reference: http://www.VandekarTeam.com
0 votes Thank Flag Link Sat Oct 22, 2011
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