Financing for New Multi-Member LLC

[Albert Zheng]

Hi fellow BPers,

I've recently formed a new multi-member LLC to hold residential properties and I'm running into a catch-22 financing problem which I'm wondering if anyone else has dealt with this issue previously. I've found a few portfolio lenders willing to do direct lending to the LLC under a commercial loan, but I'm under the impression that they require the property to be secured under contract in addition to the personal guarantee since this is a new business. From my understanding of all listed properties on the MLS, the listing agent will normally require a pre-approval in order to take an offer seriously. How does one secure a property under contract without a traditional pre-approval if you going to be financing under a portfolio lender? Any advice is much appreciated.