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Updated over 6 years ago,
Loans and funding for 10 unit property
My father and I have found a decent 10 unit apartment complex in our state. When we went to our bank to begin the qulaification and approval process, they recommend we start an LLC, submit some sort of executive summary, business plan / proposal and a few other things. Is this normal? He and I have both purchased multiple rental properties and this is the first I've heard of that. I even reached out to a friend of mine who bought a quad-plex and he said it was the same process as any other loan, they just needed the 20%; which we have.
Any recommendations on banks that are known with working with investors? I've heard the cliche' quicken loans and the online branches but I am still old school in atleast working with a bank that understands the process. That is of course unless I am completely wrong here. Thanks to all in advance.