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Posted by BETA-32 on January 23, 2008, 6:39 pm
Please log in for more thread options Thanks for writing. This newsgroup used to be more active but now seems to
be rarely used (except for spam).
One part I wrote was,
"....and get a mortgage in the name of the LLC for the same interest rate
that I would pay if I owned it in my own name (and still rented it out)?..."
That's my main question -- if there are LLC mortgages that do not charge a
higher interest rate than they would charge for mortgages in an individual's
name.
>> I own a property free and clear in the name of my single member LLC. My
>> plan is to rent it out. I want to take some money out of the property by
>> taking out a first mortgage in the name of the LLC (about 70% of the
>> property value). I have excellent income and personal credit and I am
>> willing to be a personal guarantor on the mortgage.
>>
>> Is there a way to keep the property in the name of the LLC and get a
>> mortgage in the name of the LLC for the same interest rate that I would
>> pay
>> if I owned it in my own name (and still rented it out)? For example, are
>> there banks that do their own underwriting and keep all of their loans
>> in-house, and therefore would be willing to do an LLC mortgage without
>> charging me a higher interest rate than if I owned the property in my own
>> name? I am in South Jersey (Camden County).
>
> Hello Beta-32, it appears that your question was not answered in the
> forum, possibly privately though, there is a lender who will permit
> you to refinance and cash out to 70% LTV in the name of your LLC. As
> you indicated, you will need to personally guarantee the note as well.
>
> Please let me know if you have not been able to get this done.
>
> Warmest regards,
>
> Samuel S
> Intercounty Mortgage Network
> Princeton, NJ 08540
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