Updated over 12 years ago on . Most recent reply
Business Partnership Financing
A friend and I are looking to begin a rental property investment partnership. We have in excess of the 20% down payment for the loan between the two of us. I have spoken with a few banks regarding the financing of properties for this partnership, and they have all indicated that only 15-20 year financing is available for joint loans. However, they mentioned the loan term could be for the standard 30 years if we were to get the loan in a single person’s name only. Is this common practice? Also, how would this work from a partnership standpoint? Is it possible for the loan to be in one person’s name, but the business/property to be in both individual’s names? What is the best way for us to maintain joint ownership of the business, but still obtain 30 year mortgages? Any other tips/advice on this subject would be greatly appreciated! Thanks.