New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am a Canadian citizen who has been given a house in California in a will. There is still about $500k mortgage outstanding on it in the deceased’ name. I have approached lenders in California and they have said they will not give me a loan as foreigner. So essentially when the mortgage renews I won’t be able to get financing myself. I was wondering if it’s possible to set up an LLC or trust to hold my real estate and then get financing through the LLC? The property has 3 rental units on it (a house then 2 small rental units above the garage in the rear).
Michael,
Forming an LLC for a commercial property is practically a must, since you want to protect your personal assets from any liability stemming from the ownership of the property.
That been said, owning the property through an LLC might not help you much in obtaining funding. Most lenders would want a personal guarantor with reasonably good credit history, and being non-US person you probably don’t have that.
Unfortunately, I am not sure what to suggest at that point, other that to try banks in Canada that have branches in California, to see if you can get a loan that way.
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