Updated about 5 years ago on . Most recent reply
New LLC and commercial loans
I have started an LLC with my brothers for buying some rental property but I cannot seem to find a bank willing to give out longer than a 10 year loan on properties sub 50k. Now I am in Wichita and a lot of these homes are turnkey but a 10 year note pretty much kills all potential cash flow. Are there any good options for getting a longer loan in an LLC.
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This is actually a pretty complicated issue and I don't know how much my advice will help. First, do you have a partnership agreement with your brothers? It's extremely important to have one when you start an LLC with anyone else, especially family members. Here's a great article regarding LLCs and partnerships.
Additionally, I'm not sure how to help you find a loan, but there's a really good website that has a ton of resources that was started by the federal government called the Small Business Administration. Take a look at this article if you want to know more. Hope this helps!
Best of luck,
Cal