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Valkyrie Riders Cruiser Club > General > General Board > CONDO Loan Question (Not Valkyrie Related)
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Author Topic: CONDO Loan Question (Not Valkyrie Related)  (Read 1300 times)
carolinarider09
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Newberry, SC
« on: September 21, 2024, 12:40:05 PM »
This just a question regarding a "thought".   

Suppose I wanted to buy a Condo.   Suppose a member of my family lives in that Condo. 

Is it possible for someone (me) to get a loan to purchase a "Condo" without having my name associated with the loan or my family's name associated with the loan?

I know it's a weird question but..... weird things happen. 




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scooperhsd
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Kansas City KS
« Reply #1 on: September 21, 2024, 01:31:36 PM »
Real estate is real estate. If you can do what you want on a house ....
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Jersey mike
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Posts: 10251

Brick,NJ
« Reply #2 on: September 21, 2024, 04:02:57 PM »
Quote from: carolinarider09 on September 21, 2024, 12:40:05 PM
This just a question regarding a "thought".   

Suppose I wanted to buy a Condo.   Suppose a member of my family lives in that Condo. 

Is it possible for someone (me) to get a loan to purchase a "Condo" without having my name associated with the loan or my family's name associated with the loan?

I know it's a weird question but..... weird things happen. 







Sounds like you want it owned by a LLC or incorporated company.
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Oss
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The lower Hudson Valley

Ossining NY Chapter Rep VRCCDS0141


WWW
« Reply #3 on: September 21, 2024, 04:39:53 PM »
CHeck with the HOA if they allow LLC or other holding company or a trust entity to own the unit

I cant imagine they would have a problem with it

In an LLC your liability is limited to what you put up.
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carolinarider09
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Newberry, SC
« Reply #4 on: September 22, 2024, 11:49:05 AM »
Thanks for the feedback gentlemen.   I will review the information and see what I can figure out.
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Jess from VA
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Posts: 30401


No VA
« Reply #5 on: September 22, 2024, 04:53:05 PM »
If you want a loan, how is your name NOT on it?

Unless some other entity is created (a partnership, corporation, DBA, trust) and the entity takes out the loan).  Of course, that entity would have to be sufficiently capitalized or show earnings enough to justify the loan.

But if the entity is yours (solely or with others) your name would still be associated with the entity (and likely discoverable).

I don't see how it matters if family (or whoever) lives in it, like putting it in rental.
« Last Edit: September 22, 2024, 07:02:22 PM by Jess from VA » Logged
h13man
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Posts: 1745


To everything there is an exception.

Indiana NW Central Flatlands
« Reply #6 on: September 23, 2024, 06:18:58 AM »
Well I know that if a AIG old folk loan so to speak, there stipulations on how you go forward with the funds usage when it comes other real estate purchase with those funds. If your name is used in anyway in the purchase it will be on record somewhere. Beyond this, I just know much about this particular issue. Sorry.
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