Business Loans Options

[Cassidy Burns]

Hi BP,

I taken the last two days and called multiple banks in the areas that I am looking to invest in to hopefully find portfolio lenders. I have made a few good connections and found a few that will lend. A few have said they do Business loans, and quite frankly I do not know the difference? Can I only get a business loan through an LLC? I do not currently have an LLC. Will these work on duplexes and SFR's?

Here are a few of the terms that the banks have offered.  Which do you think I should pursue first:

Option 1:15-20% down

               3 and 5 ARMS

               20-30 year amortization

Option 2: 20 year fixed amortization

                7% interest with 1% origination fee

                1 year loan refinance

                 Only do loans in person, nothing online, very personable.

Option 3: 20-25% down

20-30 year fixed, potentially ARM based on property

                seems to be the most knowledgable and creative

Thanks BP!