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LanceB
159 Posts |
 Posted - 07/02/2009 : 07:04:00 AM
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| Well a lawyer gave my borrower advice and now I am having trouble getting him financing. My borrower has had an investment property for 7 years. At some point his attorney said he should title it in his LLC, now BofA is saying they won't finance unless it has been out of his LLC and in his name for 6 months. Anyone know of a lender that will work with this and not have to wait? |
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Jdesey
311 Posts |
Posted - 07/02/2009 : 8:35:20 PM
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quote:
Originally posted by LanceB
Well a lawyer gave my borrower advice and now I am having trouble getting him financing. My borrower has had an investment property for 7 years. At some point his attorney said he should title it in his LLC, now BofA is saying they won't finance unless it has been out of his LLC and in his name for 6 months. Anyone know of a lender that will work with this and not have to wait?
yeah....hard money.... I am a hard money lender..... we would not
care how long it was out of LLC....we might even allow it to stay
in the name of the LLC, depending on who the principals are...
where is the property and what is the LTV |
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slants
4978 Posts |
Posted - 07/03/2009 : 10:21:44 AM
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quote:
Originally posted by LanceB
Well a lawyer gave my borrower advice and now I am having trouble getting him financing. My borrower has had an investment property for 7 years. At some point his attorney said he should title it in his LLC, now BofA is saying they won't finance unless it has been out of his LLC and in his name for 6 months. Anyone know of a lender that will work with this and not have to wait?
Try flagstar. They do not impose title seasoning requirement on resales, perhaps same thing applies to refis? |
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