I am having a problem with B of A and an LLC joe beauchamp responded to a similar situation and I was hoping fo assistance with my situation
My client has or is an LLC in California and we have provided the Articles of Organization the LLC1 the one page document along with the Operating Agreement, The Statement of Information the LLC12 AND the Tax ID. The negotiator is stating that this is not sufficient the Title Company has said that it is and have stated they could insure the client with what has been submitted and we have never had a problem before. He is saying that his manages is stating that there should be more pages to the Articles of Organization than the one page document that has been provided. We have no idea what he/ they are referring to and he has said that it will cause the client to be rejected and that in the past those that have not been able to provide whatever they are speaking of have been rejected and the agent will submit another buyer. Apparently some do provide what he speaks of but we have no idea what they're talking about. Below joe beauchamp mention having Articles of Inc for an LLC, I don't understand why since an LLC is a limited Liability Company not a Corp. Can you or anyone else help us out on this one? Thanks. Here is the reply to the other post.
Reply by joe beauchamp on June 21, 2012 at 1:45am
The bank is looking to see who the LLC is - arms length transaction. I have uploaded the articles several times for different deals. Although I have created a couple of LLC's and INC's, I've never thought of not having articles of inc. Hmm.
Anyway, you can bet that if you cannot prove who controls the LLC, the bank ain't gonna work with ya. They want to see that Fred owns 30% shares and Susan owns 70%. If you can't do that, they are done.
Before they asked, because I got a new signer for an LLC, I got and uploaded the resolution making this new name an official signer for the LLC as buyer. That is the sort of thing that they nee
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You should be able to find all documents related to this LLC in the public records. If the documents are not clear on who owns the company then I would ask the principles to document the ownership percentages and have it signed and notarized by all parties. This may work.
Thanks Bryant. We have supplied with them with everything that the Secretary of State requires. The Statement of information states who the two owners and the exact ownership interest. There is some misinformation going round B of A. As I said the Escrow and Title Companies have signed off and approved everything.
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Dear, the first thing you will have to do: is get on the phone and ask what the negotiator needs to see, keep in mind this the person to let you move forward on the deal. I agree there should be more pages on a LLC articles of incorporation.
Perhaps the negotiator is looking for the original papers of the LLC. DO NOT ever be afraid to ask what he/she wants; they are employees on a base salary and you are not, they get pay to give you a hard time, you do not get pay until you close.
Best of success...and never give up...
Ivan Diaz Ikon Capital Group
Thanks for the response but there are no articles if incorporation for an LLC as LLC stands for Limited Liability Company not corporation. That is where the problem is. With a LLC Limited Liability Company the document is called Articles of Organization With corporations the document Articles of Incorporation is used. This information comes directly from the Secretary of State for California. With that being said you did agree that there should be more pages to the Articles of Incorporation and the document from the Secretary of State shows only a one page document as well. That is unless it is going to operate as a non profit if that is the case there is other documentation that accompanies but not for a "for profit entity" for my curiosity what would be the other pages that you mention be for a for profit entity.
Thanks again
Eric Mobley
Eric Mobley Realty
323-440-4331
BofA does not like LLC buyers....most major lenders do not like them. However, by itself, it is not a problem and my guess is that there is something else in addition to this that is a problem. Frequently, teh proof of funds of an LLC are weak....yo need to look at the total situation and try and improve the buyer and their offer in areas that you can...POF is one place to look
Paddy Deighan J.D. Ph.D
Thanks Paddy for the info. This buyer has closed a great track record of properties closed rehabbed and resold. I will work on showing his credibility and strength. He has no need for financing of any kind. He closed all cash in 5 ,10 day closes or whatever is necessary for the deal.
Thanks again
Eric
Eric, Since you are in California, have you given the CAR legal hot line a call? I've only called twice but they always get back quickly and have decent information.
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