Probate & Real Estate, Contract Law, Real Estate Law
“I came to David with a huge complicated problem and in a paniced state and long story short he helped assist me in completing my legal transaction for flying colors.”
Question: "Do banks require that a co-signer be part owner of the secured property as well? Would forming an LLC with the other individual help from becoming a co-signer?" David's Answer: First, banks are always happy to have a guarantor with means, whether they are the owner of a property or not. Banks will also be happy to lend to qualified limited liability companies, but will then require that the members of the LLC sign for the loan personally, essentially guaranteeing the loan. Having a limited liability company is important for protecting and shielding individuals and their assets from outside legal exposure, i.e., tenants v. landlords. My preference is that real estate investors set up a limited liability company as soon as they can. Got questions? We’ve got answers! Check out more FAQ’s here:...