Joint Loan or wait 6 months?

[David Baskin]

A partner and I recently made an all cash purchase of a three unit flat in the Chicago area with the goal of refinancing and redeploying our capital into future acquisitions. We currently have joint ownership of an LLC that owns the property.

According to several lenders we've spoken to, we can either take out a joint loan to execute a delayed financing option immediately, or wait 6 months and refinance with an individual loan on the name of one of the partners. We're itching to pull out cash to deploy in a second acquisition, but the reviews on joint loans don't seem particularly favorable. Amongst the least savory of consequences is that our credit scores may be tied together for the length of the loan; meaning if I miss a bill, then my partner's score is affected and vice versa. Does anyone have any recommendations on what to do?