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#2265791 - 02/03/22 09:18 PM Individual Borrower to LLC
Baxter Offline
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Joined: Nov 2021
Posts: 8
We have a residential mortgage loan application that started as an individual borrower, the borrower has decided he wants to now borrower under an LLC. I've seen posts that talk about adding/removing individuals but not sure how to proceed with this. It appears the property is titled in the LLC name.

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#2265794 - 02/03/22 09:26 PM Re: Individual Borrower to LLC Baxter
raitchjay Offline
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Joined: Oct 2009
Posts: 9,232
OK
I'd have them fill out an application under the LLC name, document your file as to the requested change, and move on toward closing. I would not close out the application or start over.

ETA: My answer assumes you're talking about a portfoliio loan. If there are investor concerns, check with them.
Last edited by raitchjay; 3 seconds ago.
Last edited by raitchjay; 02/03/22 09:28 PM.
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#2265807 - 02/03/22 11:07 PM Re: Individual Borrower to LLC Baxter
Baxter Offline
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Joined: Nov 2021
Posts: 8
Thanks raitchjay, I appreciate advice. I didn't consider the investor concerns.

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