I have recently created a LLC, but am struggling to find a loan provider. I am trying to use a conventional lender due to the low rates. The banks that I spoke with won't lend to LLCs. So then my plan was to personally get a Fannie Mae loan and then transfer the title to the LLC, but those same banks said it's not possible to get a conventional loan for investment properties. Any advice? I'm located in Pennsylvania, near philly.
@Sean S. DM me have some possible recommendations
You may want to try more or different kinds of banks. I have used Main Street Bank in Wheeling WV for conventional financing (20yr. 80% purchase) and one of my associates uses S&T. Go to your local ACRE or REIA meetups, there are almost always reps from lenders at those you can talk to.
@David Lee Hall, III were you able to get the conventional financing under the LLC or transfer the title to the LLC? Or did you just take it out personally?
When I was using Main Street it was personally. S&T does via LLC for my associate.
An example though about attending the meetings - I am sitting at the PITTSBURGH REIA/PB meeting right now and MBFS is handing out fliers for investment property loans for LLCs, partnerships and Corporations in Pittsburgh and Philadelphia. All I had to do was walk in the door and was practically hit in the face with lenders wanting to give you money! (No endorsement, never have used them nor know anyone that has.)
You can get up to ten mortgages in your personal name with investment properties. A SFR is going to require 15 - 20% down. A MFR requires 25% down.
The bank you are talking to may not allow investment property financing or may have overlays. You may just not be speaking to a loan officer that works with investors.