All of It! Partnership, Downpayment, and Structure

[Roger M.]

To preface...long (long) time listener, first time caller.

I have been assisting in working a deal on a mixed use building with a single, stable tenant who is committed to a long term lease after close.  I have 2 partners that are going to purchase the building with me, but we are questioning the specifics of how this will work.  We are just getting started on this endeavor after months of negotiations so all of this is preliminary with further discussions to be had - I couldn't help myself and had to pose the questions to this forum.  The amount of information I learned from here so far has been unbelievably helpful.

For the sake of assumption, let's say we form an LLC, obtain a commercial note at 80% LTV, and each bring forth exactly 1/3rd of the required downpayment for an equal partnership. If 4 years down the road, partner A wants to pull out some equity for personal reasons - is this feasible and if so, how exactly does this work? Would they be able to leverage their independent equity in the building despite being a partner in the holding company with no adverse affect to the other members? This is a long term hold play (understood by all) but I am trying to account for all scenarios.

Furthermore, if one (or more) of the partners need to seek financing to obtain funds for the downpayment - I would assume this is best suited independently of purchase whether it be HELOC or other? Aside from hard money, of course. Are there alternative options or other practices in this situation?

The dominos are finally starting to fall into place so we are trying to get everything in line and make this happen.  Any insight, advice, or comments are greatly appreciated.