Financing a LLC in Minnesota

[Derek Olmschenk]

Hello BP community! I am just starting out my real estate investing journey and need help with recommendations for financing. My plan is to use a LLC to own a rental property. From my understanding (and please correct me if I'm wrong, I appreciate any help) I need to get a commercial loan since I'm using a LLC. Please give me any recommendations for mortgage lenders in Minnesota that could help me out with this. Thanks!

[Evan Kraljic]

May I ask why you're going with an LLC right off the bat? We're all biased to our path to a certain extent, but I don't see how utilizing an LLC outweighs the benefits of getting into your first property with a lower interest rate, 30 year fixed mortgage, and much lower down payment. I took out a 1 million dollar umbrella policy which costs about $150/yr and probably nets out to around $100 or less when considering the small savings on my auto insurance plan that goes with it.

If you're deadset on the LLC/commercial route, I've heard good things about Bridgewater Bank and Community Resource Bank - have yet to work with either of them though.