What Is The Best Option To Go With?

Question

Hi everyone, I'm fairly new to the BP family. I'm excited to be able to communicate with every level of investor and lenders throughout the platform. I have a question, though. I'm about to go talk to a lender to see what I qualify for to purchase a multifamily property. I have a two member LLC, that's 50%-50% with my partner but I don't know if I should apply for a business loan since I want to do this venture solo. If this isn't a good option, what does everyone suggest I apply for? What's the best option for financing and property for my first go around?

Bryan Noth · Answer

Welcome to the BiggerPockets family @Donyelle Keith!  if you are getting a loan in the name of your LLC it would likely have to be non-conforming  and untraditional lending (portfolio loans, business loan, hard money loan).  Typically best rates are in your own name.

Donyelle Keith · Answer

@Justin Windham

Thanks!

Justin Windham · Answer

@Donyelle Keith

Welcome to Bigger Pockets!

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Donyelle Keith · Answer

@Bryan Noth thanks for the advice. I've already started the loan process to see what I qualify for. If I have any questions, can I bring them to you?