Hard Equity Financing - Investment capital from existing property

[Alex Scaffold]

Hello,

tl;dr: LLC owns a 2 unit rental property No debt. Banks dont deal with ppl without credit - Want to add someone with credit to company to pull loan for 37% of the low end, estimated value of property.

Full question:
Everyone in real estate has heard of using your credit (personal and equity) to finance deals. Everyone has heard of partnerships using one persons strong credit to finance deals. Why does noone talk about using pure equity, no personal credit, to finance deals? ("Pure equity" business opportunity for creative hard money lenders ?? or some creative risk issue designed to prevent pure equity lending?). Anyway, we want to bring in someone with an extensive (20yrs +) and satisfactory (say 550-600) credit history. Make them a partner and have them pull an equity loan for $110k on the rental property valued at $300-350k, no debt. Repayment horizon is 3-4 years.

-Who deals with this type of pure equity lending? banks & quicken type lenders?!?

-How must new partnership be formed to allow new partner to successfully pull such a loan from a vanilla lending insitution, without being burdened by existing partner (from lender perspective)?

-What customary rules/regulations/road blocks will we likely have to address that will prevent this setup?

-What type of rates could we expect?

Fun part: anyone reccomend or IS a real eastate centric lawyer/accountant operating in NJ/PA region (nyc a bonus) who is familiar, interested, reasonable, and deals with this sort of partnership, financing, equity business consulting?