How do I qualify for a loan as a limited partnership?

Asked by Greg, Fairfax County, VA Thu May 1, 2008

Would like to form a limited partnership to raise funds for a down payment in order to purchase a higher priced property. How do I qualify for a loan if its a brand new partnership? i.e. Had not been in existence before. Are the credit, income, and assets of each partner considered? Is it even possible? Any advice appreciated.

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6
Aaron Heth, Both Buyer And Seller, Austin, TX
Tue Aug 5, 2008
It is going to be tricky to get a loan with an LLC or partnership. For what you wanting to do you are probably going to have to go the Hard Money or Private Capital route, I am a hard money lender, give me a call and we can go over your project and your wants and needs. 512-651-6990
0 votes
Carol Pease,…, Agent, Austin, TX
Tue Aug 5, 2008
You and your partners are going to have to apply and qualify for the loan based on your individual credit scores. You need the help of a competent lender. I would recommend that you talk to your personal banker. He may be the most equipped to handle your financing needs.

Carol Ann Pease, ABR, CRB, CRS, e-PRO, GRI
0 votes
Margaret T.…, Agent, Conroe, TX
Sat May 10, 2008
The limited partnership is for you - When you are small and new as far as the lenders go they do not care if it is a LTD, Full Corp, sub chapter S or just plain ole you - they want you and /or your partners to apply, qualify and abtain the loan.
0 votes
Dallas Texas, Agent, Dallas, TN
Thu May 1, 2008
What exactly are you purchasing ? I am a realtor, and a loan officer work with residential and commercial, I am unclear if you are attempting to purchase a residence or commercial property. There is potential however more questions need to be addressed with answers. If we can be of any further service contact my office 972-699-9111
Web Reference:  http://www.lynn911.com
0 votes
John Watts, Agent, Austin, TX
Thu May 1, 2008
Recommend you speak to a lender. If you are in need of competent lender, please feel free to contact me for names and contact information. Also, you probably will be required to make a large down payment. Loans are much more difficult to get in today's environment.
0 votes
Perry Hender…, Agent, Austin, TX
Thu May 1, 2008
Think 40% down with the loan crisis we are in nowadays. It's not easy to get loans anymore.
0 votes
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