Getting a Loan in a LLC

[Brandon Anderson]

Hi everyone,

Myself and 3 other friends recently started an LLC to do real estate investing. All our LLC paperwork is final and we have a business checking account. However, after speaking with our mortgage broker, he says that the mortgage must be in only one of our names. We are hesitant to do this due to the tax implications. After learning this I have a few questions for you guys:

-Is anyone here part of an LLC that does real estate investing? and how do you go about getting a mortgage?

-What are the tax implications if we get the mortgage just in one of our names, but it's funded by all members in the LLC?

We are looking to buy property in the greater Charlotte, NC area.

Thanks again for your help!