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Loan for LLC Buying a House for Rental Property

Mortgage Library: Ask a Mortgage Related Question: Answers: Loan for LLC Buying a House for Rental Property

Question:

I intend to form an LLC with my kids to purchase a house. I never see loan rates for LLCs. Is it usually the same as an individual or is the loan rate going to be much higher? Currently the loan rates for 15 years appears to be about 6% or slightly 
higher in the Baton Rouge area. What should we expect the loan amount to be for an LLC all things being equal? (Assuming we would all have good credit ratings, which we do.)

Thanks.

B.

Baton Rouge
Louisiana

Answer:

B., you won't see interest rates for LLCs because there is no such thing. An LLC, or any business entity, can't get a home loan. You'll need to get the loan as individuals and transfer title to the LLC after closing. Please feel free to call if you have more questions or would like to apply for a loan.

Rick Lanicek
PrimeLending, A PlainsCapital Company
17950 Preston Rd Ste 50
Dallas, TX 75252-5759
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260

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