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Updated over 7 years ago,
Getting a Real Estate Loan on LLC
Need your guidance and thoughts of getting bank or credit union loan for rental residences in NJ.
During the last 1 year, My partners and I have purchased 4 town homes(via llc) with cash and loans from friends in NJ. We want to take traditional loans on them and have trouble finding them. We found a couple that want to loan, but they will loan 50-60% on purchased value (not appraised value) . Another bank is ready to give 75% but need atleast 1year of rental income on each property. Since we made significant investment, we prefer it to be 70-75% of appraised value and within a month or 2 after tenant signs a lease.
Can you please suggest any local or online lenders that can provide similar loans in NJ. Thanks in advance.