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Can some one help a C corp purchase a house in CA? I do not want to use my SS#, but the tax id of said C corp?

Please respond to myhardmoneyloan@gmail.comThanks by myhard_612_549 from Los Angeles, California. Nov 1st 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

You cannot purchase a home with a corporation, it's that simple. You can however, purchase the home with your proper credentials and then deed the home into a corp. but no lender will allow a mortgage to be in a corporations name.

Nov 1st 2012
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Best source for commercial financing is www.scotsmanguide.com However these are for investor purchases only.. if you're looking to purchase a single family home, and not use your SS#.. Then it's unlikely anyone will do it.. For sure there is NO conforming lending program where you can purchase a SFH without personally guaranteeing the loan.. Just not going to happen.. Hard Money lenders will allow it, and I have several sources for it, but be prepared to put 35% or more down, and rates above 10% plus points.. I'm sure someone in your area will allow your scenario.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 1st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

NOPE! Traditional mortgages are regularly sold on the secondary market. In order to do this, the borrower must be an individual or certain trusts. To borrow as a corporation, you would have to use private money, and that would be very expensive. A bank that regularly makes loans for their own portfolio (they don't sell them) may give you a commercial loan, but would probably require that the house be used for business purposes, and then the house would have to be zoned for commercial business and that would remove its status as a residence. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 1st 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I can't tell if you are a hard money lender, or looking for a hard money loan, but it's possible such a lender might loan to a C corp. Expect a high interest rate and possible fees, and likley require a sizable downpayment. However, a corp can't apply for any of the traditional residential mortgage loans. As Travis said above you would have to apply as an individual and then deed it to the corporation. Of course that doesn't remove your liability for the mortgage. Good luck.

Nov 1st 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

you will have to obtain commercial financing for the purchase

Nov 1st 2012
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