Can my LLC enter into contracts ( mortgage purchase with bank)in ny Ulster county if not fully published?can my newly formed (2/11/2009) LLC enter into contracts ( mortgage purchase with bank) in ny-Ulster county if not fully published? I am in my sencond week of publishing and would like to close on my loan without waiting the six weeks. i have the following already: Articles of Organization Filing Receipt (for... | |
Yes and No.
Banks DO NOT make loans to "entities" only person's when you are doing a residential mortgage...an LLC is a legal entity, it is not a person...you can get a loan in the name of an LLC if you get a COMMERCIAL loan, but NOT until your LLC is fully approved and up and running...b/c it doens't legally exist until the Secretary of State approves it.
What you would have to do is apply for the loan in your name...the bank approves on YOUR credit.
Then you can put the property in the name of an LLC after you close on it in your name..but the lien is still in your name and so is the mortgage.
If you want to get everything in the name of the LLC, then you have to get a commercial loan.
