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Old 03-15-2014, 01:09 PM
 
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We are a group of people trying to buy a house in NJ as a company. What do we need to get the mortgage approved???
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Old 03-15-2014, 03:12 PM
 
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Fastest way w/easiest terms: 1-4 of you buy it as individuals and then place it into the LLC.

Or pursue a Commercial loan.
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Old 03-15-2014, 07:18 PM
 
Location: Southern California
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Someone will have to guarantee the loan.
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Old 03-16-2014, 07:15 PM
 
Location: MID ATLANTIC
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If the investment company takes out a loan in the company's name, you are talking about a commercial loan, a business loan. If you wish to take advantage of the low mortgage rates for private individuals, you need to do as stated above, buy as individuals and then sign over to LLC. You should address this in your corporation docs, who's going to take out what mortgages, and when. How many of your are there? I know of one such company with 3 couples. They each take turns buying the property. Where I think you will hit a speed bump is by the time couple #3's turn comes up and the other two properties are showing up as "ABC LLC" on the tax returns, the UW is going to start to wonder is it another LLC purchase?
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