Difficulty finding loans under $100K for my LLC
Hi everyone - I'm building a small portfolio of multifamily property in Jamestown, NY. I'm having a challenge finding a loan, whether that is a DSCR or a mortgage that will fund for $90K (I'm putting $30K down) under my LLC for a small multifamily investment property (4 units). I already have one (4 units) up the street and this time around it's a private deal. I paid cash for my first building and am seeking a loan on this second property so I can scale a bit faster. I want to put the property under its own LLC to protect other assets but it's looking like I may have to pull a personal mortgage to get the deal done. I have excellent credit, cash flow on both properties and am a bit stumped. My attorney wants the property under the LLC. I've been told that if I pull a personal mortgage that bankers are often reluctant to transfer the property to the LLC and the local credit union won't do the deal at all. The state of NY is now requiring LLC's to register their owners (to offset for the enormous issues we have here with deadbeat landlords). It makes me wonder if I should pull the mortgage anyway and take the potential liability risk. I have a mortgage broker out of Buffalo trying to source a DSCR for $90K and is getting a lot of no's. I'm relatively new at this and enjoy being an active landlord in addition to my day job. I'm eager to hear any of your sage advise!