Buying With Hard Lender In Personal Name And Refinancing Into LLC

Hi everyone, this is my first post. I recently went to a hard money lender to finance my first property. He told me that investors buy in their personal name and then refinance into their LLC in about 2 months, but from everything I have been hearing I should be going in with my LLC and out with my LLC. My partner and I have well over 700 fico scores. Just to give you a little backround we have equity lines open on our homes with about $20,000 to use,but we just wanted to keep them in case of emergencies in case we need cash fast. I would really appreciate if someone could tell us the exact way we should be doing this. Thank you so very much

Comments(5)

  • d_random23rd November, 2006

    Not sure how long it would take to update automatically. If you don;t get an answer here, visit the boards on www.creditboards.com. They would know for sure.

  • tonydicorpo24th November, 2006

    it will update automatically when your cc co. sends the update to the credit bureaus. i do not know of any other way to do it. calling them and telling them to speed it up is not an option

  • fmmp24th November, 2006

    Most companies update your report in the beginning of the month. To be on the safe side say by the 10th. If you are going through a broker you may be able to get a rapid rescore. Also join www.truecredit.com and you can pull as many times as you want.

  • Aaliyah27th November, 2006

    Thanks All

  • linlin27th November, 2006

    If it is one of the big CC companies it should update the beginning of the month after the payment is made.
    If it is a little company you might have to callt hem and ask them to update after 30 days have passed.

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