LLC Financing
A partner and I have formed an LLC to begin purchasing rental properties as investments. We went back and forth as to whether or not to do this under an LLC, but ultimately we believe it to be the best option for us so we're going forward with it.
My question is this. We've spoken with several local banks in our area and we're finding that the terms banks are offering are 20 year (max) notes at 5%. Are these reasonable terms from your experience in today's environment? The notes will be made to the LLC and we'll be co-signing. Our credit and debt-to-income are not an issue. For our purposes is it worth looking for alternative financing given those terms? Thanks in advance!