Making the jump into Multi-Families in Philly (Lender Question)

[Aaron Holtzman]

Hey everyone (lenders and investors alike),

I hope you all have been staying healthy and sane during all of this.

A very good friend and are looking to invest in real estate. We actually found a property in Philly that we may want to move forward with. We are in the very preliminary stages, but could you let me know what I would need to do in order to apply for a loan. Also, could you let me know what type of products we could use that you have if you cover the Philly market?

Here are the facts:
- The listing price is $785k (we are hoping to get it for less)
- We are going to form an LLC with multiple partners to assist in raising equity
- We are looking for a loan which will cover 80% of the purchase price

Here are some other questions:
- My friend and I, who are going to be the general partners of the LLC, would be open to allowing personal guarantees for the loan but not for the other investors (limited partners). Is this possible?
- What financial information would be required? I would think personal tax returns & personal financial statements.....would this be required for the general partners AND the limited partners?
- If my friend and I were to form an LLC that then was the general partner of the LLC that would own the building....would this be that complicated from a loan processing standpoint?
- Of the limited partners, one of them might be a different LLC....would this complicate things?

Thanks!
-Aaron