Is it possible to get a mortgage loan in a business name using the tax id number of that business?

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The business is a sole proprietorship w/the owner having excellent credit. The business is real estate.

5 Comments
  1. Reply
    altonbi
    February 17, 2011 at 2:07 am

    Getting a mortgage loan in business name is usually more expensive, plus they are usually set up as 5 – 10 yr loans with a balloon payment at the end.

  2. Reply
    Yanswersmonitorsarenazis
    February 17, 2011 at 2:56 am

    Not getting normal rates and terms.

  3. Reply
    Robbie G
    February 17, 2011 at 3:24 am

    Unless you have a really really good relationship with a bank, the answer is no. A typical lender is not going to want to have a note with a company being liable. A company can close at any time, levaing the lender high and dry.
    If this is a commercial loan, you can purchase commercial property in the name of a company.

  4. Reply
    bpl
    February 17, 2011 at 4:08 am

    Yes, of course a business can get a mortgage. What effects whether they do it or not has to do with the members of the business, their indivdual financials, and the financials of the company. Yes, commercial loans are slightly higher, but very possible.

  5. Reply
    Patrick G
    February 17, 2011 at 4:09 am

    Yes, I have gotten and given these loans. Not hard. Takes a larger downpayment, and you wil be required to guarantee the loan if it is over 50-60%.

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