LLC Credit History Problem
I want to set up an LLC and then buy properties in its name for protection, but I am curious about how to get loans in the name of the LLC when it has no credit history.
Here are some solutions I have come up with:
A)Get loan for LLC by personally Co-Signing for the loan.
B)Get loan in my name, then move the property to the LLC
Questions about each solution:
A) Do I still get LLC asset protection on the property if I cosign?
B) Should I move the property to a land trust with my LLC as the beneficiary/trustee? Will this trigger the "due on sale" clause?
Thank you for any advice you can give me.
-Tom
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