Baltimore lenders for multifamily unit

[Andrew Kim]

Hello, I recently formed an LLC with a friend and looking to close on my first 2 unit multifamily home soon. The toughest part has been to find a lender who will loan us money at a competitive rate since we don't have any credit and I find most commerical loans have a higher interest rate. This is making me rethink whether forming an LLC was a good idea as I've heard some say it is better to get a private loan without an LLC. We found a local bank that was able to give us a loan for 6.25% 5/1 ARM, 75% LTV, 25 year amortization which I feel is still high but that was the best I could do so far. I was wondering if anyone had any advice or knew of any lenders that offer more competitive rates? Thanks everyone.