Other loan options outside of traditional mortgage broker.

[Andrew Nolan]

Hello, Looking to do a deal with a relative that would like to front the down payment on what will be a rental. We have an LLC and business accounts established. The traditional mortgage broker we are using wanted to use my personal banking and debt-income and needs the down payment to come from me. The relative is maxed out and has no reportable income due to retirement. I do and so does the company. We thought a simple transfer of the down payment to me or the business would work but it appears it would incur a gift tax. We are open to exploring other lending options or finding a solution to transfer funds without incurring other fees/taxes. Any ideas would be great! Thanks, Andy