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gregtayan
Joined: 29 Jan 2007
Posts: 1
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| Posted: Mon Jan 29, 2007 4:50 pm Post subject: Seeking Lender - stated income, 676, 2unit, title in LLC |
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| I'm looking to find a lender for a 2 unit residential building in Missouri. I want to put the building's title in an LLC. Self employed so no docs. 676 credit score. Have gaurantor with doc income and 770 credit score. Gaurantor could be part of LLC (would this help?) Any ideas? thanks |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Mon Jan 29, 2007 5:55 pm Post subject: |
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| the easiest route is to close the loan and deed the title to the llc after close |
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ken(TX)
Joined: 23 Sep 2005
Posts: 184
Location: Dallas, TX
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| Posted: Mon Jan 29, 2007 9:55 pm Post subject: |
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greg,
there are 2 quick questions that jump out for which you didn't provide enough information. If you would be so kind....
1) do you intend in living in the property yourself on one side or renting out both units?
2) are you making a down-payment and if so, what percentage of the sales price?
With that info I could more accurately answer your question. Otherwise, Dallasloanguy pretty much has it correct. For a residential real estate loan you would be required to purchase in your name and after closing deed the property to the LLC. However, this can be somewhat risky as it may call your note due if the lender found out. You would have to read the mortgage and terms of your note which may are state specific. |
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