What kind of corporation do I need? Jordan Brewer
We set up a Limited Liability CorporationLLC , for each property.
DoHardMoney is NOT a mortgage lender. Essentially we provide business loans for capital investments. We do NOT provide loans to individuals or for owner-occupied properties. If we did, your whole loan process would be subject to mortgage law and all the red-tape and hassle associated with it. All that red tape takes more time, costs more money, and in most cases would keep us from being able to provide you with a loan in the first place, especially a 100% financing loan.
In order to minimize the time and cost for all parties involved and maximize the loan amount you can get and to meet all the legal requirements for providing the loans we offer, we have to lend to a corporate entity, and not just any corporate entity. We setup a single-purpose business entity in the form of an LLC for each property we lend on.