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Funding for a LLC
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Figma



Joined: 27 May 2006
Posts: 1
Posted: Sat May 27, 2006 6:15 pm    Post subject: Funding for a LLC  
Hello there everyone! I'm a newbie at this site. It looks like lots of people have some good advice. What I'm trying to find out is if there is a reason why motgage companies don't want to giving funding if the title of a property is under a LLC. I started a LLC and transferred the title of my rental house into the LLC. Now I am trying to take a HELOC on the property to purchase another and they are telling me that I need to quitclaim the deed back into my name before the loan goes through. Is this a common occurence? The LLC is a sole propriortorship. I think its ridiculous to quitclaim the deed back into my name then get the loan, then turn around and quitclaim the deed again to the LLC. Any suggestion??
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chow



Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
Posted: Sun May 28, 2006 10:40 am    Post subject:  
Because a person has to sign the note, and mortgage and be responsible for it. If you think it's silly, here's a basic rule in lending.

Those who have the gold-make the rules! :wink:
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