Me and my partner are jumping right into this, we have a multiplex property we want to invest into. Sell Price is 600K
We are have the cash to bring in 30% and little more.
Issue is banks are not ready to loan us, are there other avenues to get this funded ?
Also your experiences how to convince bank to loan to a first time buyers ?
we have prepared detail business plans, we also have proper income statements from last two years and have good credit history.
Banks are just hesitant to loan new first time buyers and also suggest we do not have property management experience.
Find other banks or credit unions. You cannot get a conventional mortgage in the name of an LLC. You'd have to get a commercial mortgage so look for banks that specialize in portfolio loans or commercial loans.
There are non-bank permanent lenders who would consider this. Does it need rehab or is it stabilized ?