Need help with a lending situation
BP community-
I'm in a bit of a situation. I'll try to keep it as simple as possible:
I'm in contract on a duplex that will be a buy and hold rental. Partnering with two other individuals, creating an LLC, and obtaining a commercial loan on the property.
I'm also trying to purchase a new primary home simultaneously, while holding onto my current primary and converting it to a rental. (I have contracts in hand)
My wife and I have very strong W2 income, and we also have another rental property cash flowing decently. Both my primary and my current rental have a decent amount of equity.
The issue is my personal mortgage broker said that since the LLC is newly formed, the entire loan on the duplex would be considered my debt, even though I have two other partners. This will more than likely cause the new primary residence loan to not be issued.
Does anyone have any suggestions for this situation, or any lenders they can recommend that would look at this from a holistic approach?
(All properties are in Westchester county, New York.)