Mortgage on LLC in NJ

[Amit Kayastha]

Hi BP Community:

1. I am NJ resident and I am planning to purchase STR in other state along with other partners. So, what is the difference in rate and complexity between conventional mortgage which is on individual's name v/s mortgage on LLC name?

2. Is it possible that all partners as joint property owner - can apply for individual loan, and later change form the LLC and change the title to LLC? In that case, do we need to convert individual mortgage to LLC name? or Property can be on LLC name and loans will be on individual's name?

3. Any local NJ lenders/mortgage specialists please help me....