Lease Question
a supposed husband and wife sign a 1 year lease--you find out later they are not married--he goes to jail and now she wants the lease in her name--can you just make a new lease or is she stuck with this lease untill it renews
Depends on your relationship with the lender, your own purchase and credit histories, and the length of time your LLC has been in existence.
thanks for responding Lou,
credit history is very good but the LLC has only been in effect for 9 months so maybe that is why she is reluctant to lend in my business name. Do you have any experience in the trusts dept? thanks in advance
I have an LLC and we just purchased our first property. It was very difficult to find a lender who would lend to an LLC (and even then required personal guaranties of all the members) and then the rate was about 1 point higher than regular residential rate. It seems that the local banks were more willing to do this and the larger banks we approached, like Wells Fargo, were not. To me there seems to be no reason in this as you have to sign a personal guaranty anyway on the LLC which is basically the same as you applying for it yourself (they check your credit history - especially since the LLC is so new).
But, there ARE lenders who will do this - I would just call around to local banks and ask for someone in their commercial loan department- just be prepared to pay a bit more.
Good luck.