Posted on: 23rd Mar, 2011 05:29 am
I formed a LLC in Louisiana to own commercial property. My lawyer never moved the owner ship from the individuals into the LLC. Then we mortgaged the property. The bank and their attorney filed the mortgage in the name of the LLC! They did title research!! Although the LLC legally does not own the property. The individuals guaranteed the loan. Does the bank have an inforcable loan?
Hi cajuncarguy,
Welcome to mortgage fit,
Most of the loans given to the LLC's and corporates are given with good faith only and thus even if someone tries to fool them it only hampers bright future of the company and the person who is behind all of the business.
Coming back to your question most of the time loans are unenforceable because most of the banks offer credit to any LLC initially assuming they have very little collateral or no collateral at all.Here if you are mortgaging the property then surely they can come after the property if you fails to pay the debt but again the amount payable is only with the limited liability as per company act.
Feel free to ask any further query if you have......
Dipa :arrow: :arrow: :arrow:
Welcome to mortgage fit,
Most of the loans given to the LLC's and corporates are given with good faith only and thus even if someone tries to fool them it only hampers bright future of the company and the person who is behind all of the business.
Coming back to your question most of the time loans are unenforceable because most of the banks offer credit to any LLC initially assuming they have very little collateral or no collateral at all.Here if you are mortgaging the property then surely they can come after the property if you fails to pay the debt but again the amount payable is only with the limited liability as per company act.
Feel free to ask any further query if you have......
Dipa :arrow: :arrow: :arrow: