34 Units- Multifamily Property
Another Successfully Funded Loan
Client was in an exchange on a couple sold buildings he owned in Los Angeles together with a partner. They decided to split and go their separate ways. Our Borrower then brought in additional partners for this new purchase.
Client had to form a disregarded entity to satisfy his exchange, but then an additional LLC needed to be formed between him and his new partners,they were bringing in funds but did not want to go on the loan. Our borrower was named managing Partner needed a Low Doc Loan.
The transaction was structured as a Tic and we were able to offer to the buyer/borrower a stated loan program with no tax returns required. All other contributing members of the new LLC were not required to be guarantors to the loan. Everyone was Happy.
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