Financing in Minneapolis>Question Details

Ian Colville, Real Estate Pro in Douglasville, GA

I'm looking for lenders that can lend to an LLC. Suggestions? Thanks!

Asked by Ian Colville, Douglasville, GA Fri Jul 6, 2012

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We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
0 votes Thank Flag Link Sat Jul 28, 2012

Private money or hard money lenders such as Cal Bay Capital can lend to entities such as an LLC, LLP, Corporation or Trust. You can contact them via email @ or by phone at 415-860-4117
Web Reference:
0 votes Thank Flag Link Sun Jul 8, 2012
H Mark,
The question would be as to whether your LLC has established credit. If your LLC hasn't established credit it wouldn't be able to qualify f a loan.. Usually, lenders requiret a two year financial hsitory, credit report, and tax returns.

What most new invesotrs are doing is using their personal credit to qualify for the loan. That would be 20% down payment on single family, and 25% on a multi family. When you write a purchase agreement title will go to the name on the first line. After closing you can quit claim the propeprty into your LLC to start building a financial and credit history. Your title company can give you a quit claim form, and insturctions.

I'd also recommend Waterstone Mortgage because they are bank, and can finance up to 10 investment properties if you intend to build a portfolio. Most banks will finance only up to 4 properties.
Waterstone also has a loan that allows you to finance the rehab process, and then move into a conventiona loan. It would be worth your time to talk with a lender at Waterstone. More information is always better.

The Mn Real Estate team holds investment seminars twice a month,
There will be an Investment 101 seminar on July 17, Aug 21, and Investment 201 for more advanced info on August 28. Check it out, hope to see you there.
0 votes Thank Flag Link Sun Jul 8, 2012
Hi Mark,

As everyone has said, different lenders will handle investment properties differently. Some of my clients have had luck w/ Waterstone Mortgage. Give Mike Ouverson a call @ 612-202-8321.

I have talked w/ another lender that was new to the area last fall who said they will allow up to 10 properties for qualified investors. I do not have their contact w/ me @ home, but will send it to you on Monday. You can email me your contact information.

Hope this helps,

0 votes Thank Flag Link Sat Jul 7, 2012
There is a gentleman at WF named George that works on this type of lending, and I also have a great contact at NationStar Mortgage that would be a good resource for you. If you would like to contact me directly, I can give you their contact info and more explanation of their individual skills and specialties.
0 votes Thank Flag Link Sat Jul 7, 2012
Thank you Jeremy and Charles. LLC is used for buy and hold single family and small multi-family purchases.
0 votes Thank Flag Link Sat Jul 7, 2012
Well, in my experience it depends on what you are buying and for what purpose. Some lenders specialize in lending for rehab and resell, others for long term holding of rental property, etc.
If the property can support itself as a rental investment and can cash flow, you should have quite a few options.
If you are a rehab/resell investor, you will have other options of lenders that are more reasonable than an old-school hard money lender, and a few local ones have popped up on the Minneapolis metro area in the last year or two.
Not to pitch myself, but as a real estate agent that specializes in investment real estate, I'd be happy to take the discussion offline and address your specific situation.
Also, you can go to resources like the Minnesota Real Estate Investment Club or other local organizations for advice from other experienced investors.
Good luck and best wishes.
0 votes Thank Flag Link Sat Jul 7, 2012
He may send you over to a guy at WF who specializes in investor purchases....I just sent you over to him because at this point I don't know what you are using the LLC for.

It also depends on if you will be purchasing from your income or not. If you are indeed using your income then going through a broker is the best way to invest in real estate.

But although rare trying to find a portfolio lender (basically banks that keep the loans on their books) is also a good option. These are basically very local banks that have goofy names (ones that you would not normally hear about). The key with that is you are actually going through the commercial department versus residential.

It is not so much based off of income but the property and your business credit. Anyways, you can always contact me directly through Trulia if you have specific real estate questions, otherwise Charles is my favorite loan officer in Minneapolis. I know you will just love talking to the guy.

Take care Mark!
0 votes Thank Flag Link Sat Jul 7, 2012
I have sent Charles a email. Much appreciated! Any other references from anyone else would also be great!
0 votes Thank Flag Link Sat Jul 7, 2012
Try contacting this guy Charles Daily. I have pasted his profile link below.

0 votes Thank Flag Link Sat Jul 7, 2012
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