Mortgage against a home owned by an LLC

This is a follow-up to previous question. Banks will typically not loan to LLC's. They will require the property to be transferred to the individuals to take out the loan. After the loan it can be transferred back into the LLC. The fact that the LLC is only about a year-old is irrelevant. Again, remember that if the other 2 members disagree the loan cannot be done.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

I don't hold California law licensure so this is not legal advice, just my analysis of the facts you state above. If you need legal advice, consult a lawyer who holds California licensure.

You want to refinance an inherited home which your LLC owns. You want to know whether the LLC has to have been around for a certain amount of time in order to refinance.

I think the answer is, that's a question for the financial institution you want to borrow money from. They are the ones that have criteria about whom they'll lend to. An LLC has legal personality and can be a borrower, legally, from the moment it's created and you have the certificate of organization in hand. But being legally able to borrow funds doesn't mean someone is necessarily willing to lend them. That's the lender's call, not the law's.

Just my two cents. Again, if you need legal advice, don't rely on what I said here, but consult a lawyer who holds California licensure. That's not me.

Good luck.