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Old 09-28-2005, 11:01 AM
febeckett
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Default RE: [IncomeProperties] fixed rate loans for investors

That might make sense if an LLC couldn't get a loan at all. But that's not
the issue. It's that they can get an ARM, just not a fixed rate loan.



Plus they will have a financial history of the LLC or other corporation -
the corporation's books, tax returns, financial statements, etc.



And the lender can collect from the LLC if it has any other assets and can
still foreclose in any case.



Fran



-----Original Message-----
From: Peter Rochford [mailto:prochford@comcast.net]
Sent: Friday, March 04, 2005 8:34 PM
To: IncomeProperties@yahoogroups.com
Subject: RE: [IncomeProperties] fixed rate loans for investors



Your Broker is partially right. Lenders will not lend to an LLC because the
Lender is basing the credit decisions off of your credit, income and assets.
not your LLC's. The Lender knows nothing about the LLC or how you have
entity set up behind the LLC. Nor do they have any financial history on the
LLC. Plus if the property goes into default how is the Lender going to try
to collect its money. Through the LLC. I don't think so.

Peter Rochford
Prochford@comcast.net
-----Original Message-----
From: franxyz@comcast.net [mailto:franxyz@comcast.net]
Sent: Friday, March 04, 2005 9:06 PM
To: IncomeProperties@yahoogroups.com
Subject: [IncomeProperties] fixed rate loans for investors


I've just been told by a mortgage broker that I thought I trusted that an
LLC can only get an ARM, that they can't purchase property with a fixed rate
mortgage. He said this is a Fannie Mae and Freddie Mac charter violation.
Only individuals can sign off on fixed rate loans. Corporations, LLCs, etc.
can only sign off on adjustable rate loans.



I find this very hard to believe.

First because legally a corporation IS an individual, just not a "natural"
individual.

Second because not all loans have to conform to Fannie Mae and Freddie Mac
guidelines.

Third because I know a lot of people that purchase property within trusts,
and if a trust can sign off on a fixed rate mortgage, I can't imagine why a
corporation couldn't.



Is this true? Or is it just that this broker is so used to working within
the conforming loan requirements that he can't even think about loans that
don't meet Fannie Mae and Freddie Mac guidelines?





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