Question to the wisdom of the masses I own llc holding land. I want to do construction with a local partner…
A question of the wisdom of the masses
I have an llc holding the land. I want to carry out construction with a local partner who is supposed to take Melander funding for the construction.
Is there a simple way to make a kind of combination deal where the partner takes the loan for the construction even though the land is not registered in his name?
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Once a financing body gives a loan for construction it will demand that it first pledge against the land. Theoretically there is no problem that the partner is personally responsible for repaying the loan and there will also be a lien against the land you own, of course you also need to sign the loan documents. By the way, do you take financing from a bank or an alternative financing entity?
Create a new company and make Quitt Klein Did or sell to the new llc.
In any case I would consult with a local real estate attorney
Successfully:)
You can sell the LLC to another one that you and he will set up together
There is a way but very complicated, not every bank agrees.
Most contractors have the regular funding body and if it is not to his liking then it is worthwhile to prepare another plan.