LLC and Commercial Loan?
I've read how people create an LLC for their REI adventures and secure commercial loans versus getting conventional loans under their personal names. To my understanding the commercial loans closer quicker and are an easier process overall with an average interest rate of about 5%. My question is can I set up a new LLC and still secure a commercial loan or does the LLC have to already have a proven track record and established credit history? It seems that I can't go the conventional loan route under my personal name because I have no W2 income since I was self employed for the last 10 years and I have been transitioning out of those business endeavors for the last 2 years therefore I have no real income to show. If I can't go the LLC and commercial loan route then what are my options? I guess it would have to be either cash buys, HML's or private money at that point? I appreciate your input and advice. Thanks in advance!