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Sasha
150 Posts |
 Posted - 05/28/2008 : 12:53:56 PM
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I have a borrower who want's to buy 3 multiamily homes in NC at 75% LTV with a 750 middle score. The problem is he wants to buy them in his LLC name with him as the guarantor. The multifamilies are all under 5 units so I can't go commercial and most residential lenders don't allow that.
So does anyone know were I can bring these loans.
Yes I already discuss quit claim with him.
Thanx |
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dtabar
816 Posts |
Posted - 05/28/2008 : 12:57:44 PM
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| It's Quit claim for future references. I've tried this and it's beating a dead horse. However, I heard Wachovia used to be able to do it. I am not sure if they are anymore. |
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Sasha
150 Posts |
Posted - 05/28/2008 : 1:23:04 PM
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| bump |
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slants
4309 Posts |
Posted - 05/30/2008 : 08:37:11 AM
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quote:
Originally posted by dtabar
It's Quit claim for future references. I've tried this and it's beating a dead horse. However, I heard Wachovia used to be able to do it. I am not sure if they are anymore.
I kept reading posts that they will do it and an AE actually posted a month or so ago that they will draw the Note in the name of the LLC. I was skeptical and finally got clarification from my AE yesterday. He initially was under the impression that the DOT may be vested in the LLC, but after confirming their guidelines, the answer is no:
From: ________@wachovia.com
To: ________@aol.com
Sent: 5/30/2008 8:00:18 A.M. Pacific Daylight Time
Subj: RE: NOO SIVA Purchase Scenario
The loan must close in the borrower’s name—completely, and Documents. After, you can Quit Claim it into the LLC. |
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1paul
307 Posts |
Posted - 05/30/2008 : 08:47:43 AM
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I just heard that: Freddie Mac & soon--FNMA, will no longer be allowing C/O Refi's., if it is held in an: LLC......A potential issue for the Investors, later.... It was from: Diane Kennedy, a Nationally known CPA....
http://www.taxloopholes.com/connect/blog/diane-kennedy/2008/05/new-online-workshop-property-l |
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slants
4309 Posts |
Posted - 05/30/2008 : 08:53:46 AM
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quote:
Originally posted by 1paul
I just heard that: Freddie Mac & soon--FNMA, will no longer be allowing C/O Refi's., if it is held in an: LLC......A potential issue for the Investors, later.... It was from: Diane Kennedy, a Nationally known CPA....
http://www.taxloopholes.com/connect/blog/diane-kennedy/2008/05/new-online-workshop-property-l
Agency guidelines do not allow closings in the name of an LLC even now, period - purchase, R/T, C/O. It is implicit in their guidelines. Hence no lender left that can close in an LLC as Fannie/Freddie are the only secondary outlets left. |
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nowbroker
1491 Posts |
Posted - 05/30/2008 : 09:10:14 AM
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It will not help you in your state- but for future reference as I mentioned before, Washington Federal still loans to corporations and LLC's, trouble is they only loan in these states:
http://www.washingtonfederal.com/wholesale/index.html
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