Home Buying in Orange County>Question Details

K Su, Other/Just Looking in Orange County, CA

Will it be difficult to get a loan for a LLC to buy an income property?

Asked by K Su, Orange County, CA Sat Sep 20, 2008

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It depends on the properties that the LLC is buying. Ther are plenty of lenders who will lend to an LLC on multi family and commercial properties. The down payment needs to make the deal cash flow. Debt Coverage ratios need to be 115-125.
If you need private money or loans call 800-640-8798,
My investors make deals happen.

0 votes Thank Flag Link Sat Jan 7, 2012
I just ran into this issue with a client doing a 1031 from 9-units into two smaller buildings.....they were not able to obtain financing using an LLC. If you are still in need of assistance, send me an email and I will provide you more details.
0 votes Thank Flag Link Sun Sep 28, 2008
I would have to agree with Scott. You need to talk to a mortgage lender that you trust to get the answer.
The last few weeks, the rules have changed. I had two deals get squirrelly Thursday and Friday this week. We got one closed and the other should be closing just a few days off.

I do know someone that deals with commercial loans that would probably love to run the rates for you to see where everything falls. Don't hesitate to do some shopping. Jumbo/Commercial loans are a horse of a different color, so make sure that you get someone that knows what they are doing.

If you want to talk to the person I know, email me at Jim@JimVTRE.com. I will put the two of you in touch.

Good luck!
0 votes Thank Flag Link Sat Sep 20, 2008
it may, you will need to put more money down (20% range plus) have excellent credit and have to sign for it persoanlly as well. check with a local mortgage broker, stay away from the internet lenders. Good luck with your search
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Sep 20, 2008
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