Posted on: 08th Oct, 2010 10:40 pm
My siblings and I are wanting to buy a house for our mother, we can come up with %50 down on a house we are looking at. Can we form a corperation and take a mortgage out in the name of the corperation, for example if we call ourselves the Bro And Sisters Inc. ? What would we have to do and what would we need, to proceed?
Welcome rafterj,
You'll be able to form an LLC and transfer the property into that LLC. It will be lender's discretion whether or not he will be able to give a mortgage in the name of an LLC. Most lenders will prefer to give the mortgage in the name of individuals.
You'll be able to form an LLC and transfer the property into that LLC. It will be lender's discretion whether or not he will be able to give a mortgage in the name of an LLC. Most lenders will prefer to give the mortgage in the name of individuals.