Mortgage for LLC

[Jill Keller]

Any recommendations on mortgage lenders for an LLC? Are all banks willing to lend to LLCs? Any considerations? Thanks!

[Rory Cummins]

Hi Jill, when it comes to LLCs, you'll typically run into issues using conventional loans as they won't lend on LLCs and want the investment in your personal name. That said, you can explore commercial lenders or other hybrid type lenders that are completely fine with LLC lending. In fact, some may actually require the LLC to be in place before they'll lend on the investment. So to answer your question, banks are willing to lend on LLC but you're looking for a commercial bank. Often the best ones are the smaller community banks in your area, not the large coporate banks however they'll have options as well but its normally relationship based where you'll come in to the bank to meet them and they'll be looking over your financials, credit, investment experience, etc. however once you're in with one of them, it becomes much much easier to borrow with them in the future...