LLC And Purchases

I have a couple of questions for anyone who has purchased a property using an LLC:

A: When applying for a loan as an LLC how does the bank calculate ratios, check credit, and decide on approval. Is it based on the LLC's inividual members?

B: Once you own a property with an LLC, can you merely transfer ownership by removing a member form the LLC?

Thanks for any help with these questions!

Comments(2)

  • powpow645th June, 2004

    Hey
    As far as I know the bank will consider you when calulating the ratios.
    These are good questions I would like to know any info you came up withabout buying house under an LLC

  • cjmazur5th June, 2004

    I have been able (so far anyway) been about to get a 1st and 2nd in the name of my LLC for a duplex.

    They looked at my personal financials. (1 member llc)

    As for the transfer question, I don't understand.

    If you buy it in the LLC, the LLC owners. If you want it in yor name you need to "buy" it from this LLC. in a single member LLC, that might effectively be as simple as you described

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