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Construction Loan Question Regarding LLC
Posted on 6/24/11 at 2:15 pm
Posted on 6/24/11 at 2:15 pm
I've got an LLC for my hunting property and would like to build a new camp/barn. Should I apply for a commercial construction loan?
3
Posted on 6/24/11 at 2:27 pm to BoudinJoe
You will probably have to personally guarantee it
Posted on 6/24/11 at 3:32 pm to BoudinJoe
I doubt you would qualify as a commercial customer. Just because you have an LLC does not make your use of the property a business. You will probably be better applying for a loan claiming the building is intended to be a vacation home.
Posted on 6/24/11 at 8:22 pm to BoudinJoe
no
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