Can I get a commercial loan on a residential property?
I am trying to get around the 10 mortgage limitation that most banks have these days. My partner and I are buying distressed multifamily (2 - 4 units) with hard money, rehabbing the properties, putting good tenants in place, and then refinancing (not necessarily cash out refi, though would like the option when it makes sense). We are holding the properties.
So my questions are, is it possible to get a commercial loan, so that the note will be in the name of our LLC (and we don't have to mess around with re-titling the property)? Additionally, does the note need to be non-recourse (no personal guarantee) for the note to not show up on our individual credit reports?
We have reached out to several lenders and are having a hard time getting clarity on this.