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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 33166
Experience:  JD, BBA Over 25 years legal and business experience.
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If property is owned in an LLC and the mortgage is in the individual

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If property is owned in an LLC and the mortgage is in the individual name, how should this information be entered on the individual's financial statement?

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. Before I can give you an accurate answer to your question, please provide the following additional information:

What financial statement are you referring to please?

I look forward to assisting you as soon as I have received this information. Thank you.

Customer: replied 3 years ago.

A individual personal financial statement to a bank

I see. For what purpose is the financial statement being provided to the bank?
Customer: replied 3 years ago.

the bank requires an updated personal financial statement annually due to mortgages on real estate investment properties I own

I see. Thank you for clarifying that, Deane.

I would typically include the mortgage since that is in your name and either omit the asset altogether or make a notation using an asterisk indicating that the underlying asset is owned by an LLC for which you are an owner (assuming that is true).

Then you would typically include your interest in the LLC as an asset which should include the value of the underlying property for which you are obligated to pay on the loan.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

Tina and 3 other Legal Specialists are ready to help you

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Tina

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