DSCR New Mexico Property/ Guarantors??

[Amanda Long]

Hello!

Looking for some guidance… My partners and I (LLC set up) are first time investors in STR. We decided to go with a DSCR in the LLC name to help protect our personal assets… We are near closing which has taken WAY too long in my opinion… (we are on month 3 with 3 extensions)…Regardless, at this point 2 of the 4 of us in the partnership are being asked to sign as guarantors of the loan…

1. 1 Is this normal? To me it kind of defeats the purpose of protecting personal assets and standing up the LLC.
2. 2. It is my understanding that the LLC and DSCR loan being in the LLC still protect us if we were to get into any type of litigation with renters but wanted to open it up and see if there are any watch outs I am not aware of?
3. 3. What is the normal timeline for a DSCR loan? We have provided everything needed from us when asked but we keep getting one off requests from our lenders vs just ask in for what is need upfront.

Thanks in advance!