partnership logistics when financing...
Hi all, first post on BP here!
I've scoured the forums and haven't quite found an answer to a question that recently came up...
I'll be partnering on my first deals and I would bring the work (finding deal, getting transaction closed, working with contractor/PMs, etc.) and the credit (loan would be in my name si ce I'm the W2 earner) while the partner would put up the money for the down payment. However, my mortgage broker is saying that the money needs to come from whomever is on the loan, and that gifts and loans are not accepted. This seems contrary to how I've heard a lot of people structure partnerships, and puts a kink in my plans.
Is this similar to what you all have experienced or are there other brokers/lenders who have more flexibility in that regard? If so, could you recommend? I'm in Austin, TX.
Thanks!!!