Do LLC's only get approved for mortgages 4+ units by banks?
So I was recently notified by my partner that he found out LLC's usually don't usually get approved for mortgages on any properties that are under 4 units by banks. I was just wondering, is there any truth to that? We're currently looking into the Newark, New Jersey market, and so I was also wondering if that is true, are there any banks in the area that would lend to an LLC on smaller residential properties.
-Andrew