Loan Options in Reno, NV

[Robert Washington]

Biggerpockets family,

Good evening. I'm looking to form a series LLC to purchase property in Reno NV. That being said, will/can banks provide a business loan or will I have to go through the normal process of getting a mortgage?

Thanks for any guidance, I'm new to this and I'm hoping this question makes sense.

[Bill Schrimpf]

@Robert Washington - From your question, I'm assuming this would be a new entity, and you have not done this before. What kind of property, SFR or commercial?

It may be difficult to obtain a mortgage note in the LLC name, particularly using series LLC. The harder it is for the lender underwriter to understand the ownership, the less likely they are to approve. For SFR's, if you're looking to shield liability, you can purchase in your name and transfer the asset to the LLC. A good attorney can do this for a nominal fee.

I'm not a lender, but if you would like the names of some in Reno that work with investors, give me a call.  We can discuss your goals and I can refer you on to 2 or more lenders that may be a good fit.

Are you just now starting out? Running a series LLC is good on paper, but in practical terms, it may be cumbersome and expensive.