Multimember LLC Finance Option

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Multimember LLC Finance Option

Vipul Vaghela
New to Real Estate · Milwaukee · Member since 2020 · 9 posts · 1 vote

I formed an LLC with my 2 friends to start investing in a rental property. We are ready to put 20% down and looking for a property around $120k. I talked with one conventional mortgage lender and they directed me to their commercial department as we are 3 members in LLC and can't qualify for a conventional mortgage for some reason. Does anyone have a good referral for the commercial lender in the Wisconsin area?

Any other recommendations for financing are also welcomed.

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Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
6y

There are a lot that will do commercial...Paper City, Inlanta, Equitable, Centennial, too many to name. In our private club, I noticed from posts that Waterstone, John Haydin/Eric Wennerstrand from Centennial being used and Ed Goggins from Parkside Home Lending have been used alot recently. Do you live in Wisconsin or are you out of state? I can send you a list of you'd like. Just pm me.

Captain Save-A-Home LLC
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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    6y

    @Vipul Vaghela post this in the Wisconsin forum. There's usually some good locals that monitor the state forums and I think you'll get a better response there.  Feel free to keep it up here too just in case, but post there for best results.  Thanks!

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  • Daniel DietzPro Member
    Rental Property Investor · Reedsburg, WI · Member since 2011 · 1k+ posts · 857 votes
    6y

    Hi,

    Check out Dave Cooper at Paper City Savings in the Plover/Stevens Point area. We use him and we are about 2 hours away. I know they do not go outside of WI, but not sure if they do Milwaukee of not. Tell him I sent you.

    They have an LLC product, that at least pre-corona was 20% down, 25 year amortization and a 10 year lock on the initial rate. Very reasonable closing cost and great to work with.

    [email protected]608-524-4899
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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    There are a lot that will do commercial...Paper City, Inlanta, Equitable, Centennial, too many to name. In our private club, I noticed from posts that Waterstone, John Haydin/Eric Wennerstrand from Centennial being used and Ed Goggins from Parkside Home Lending have been used alot recently. Do you live in Wisconsin or are you out of state? I can send you a list of you'd like. Just pm me.

    Captain Save-A-Home LLC
    WebsiteView Page
    1Reply
  • Pete Woelfel
    Milwaukee, WI · Member since 2017 · 138 posts · 69 votes
    6y

    Hi @Vipul Vaghela - congrats on taking the first step to get started! I recently closed on a duplex I bought in an LLC with a partner similar to what you're describing. We got our financing from Neil Staeck at Educators Credit Union and had a very good experience. PM me if you'd like his contact info.

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