Taking out a Mortgage on 4-unit Rental property
Hello,
I'm a newbie investor and have recently acquired a 4-unit multi-family property in Syracuse, NY. We paid cash for the property and are looking to take out a mortgage on it. The property is titled in an LLC that my husband and I own.
We were initially told that the property would be eligible for a residential mortgage and didnt need to be held in an individual's name. Since acquiring it, however, we arent able to get the bank to move on this - hence reaching out to the BP community looking for guidance and some local bank contacts that folks have worked with in the past.
Thank you for your input and time in advance.
Elle