Financing Options with an LLC?

[Jenna Harris]

Hi BP Community - I have another question. 

My plan has been to start an LLC, and purchase a duplex using traditional financing with 20% down. I spoke to a lender yesterday who told me I cannot do traditional financing in an LLC, and no one will give a business loan to a new LLC. This is not quite in line with other stories I have heard, so my questions are as follows:

1.) What are my financing options when holding a property in an LLC?

2.) How important is an LLC when starting out? I own several personal assets and have a family so I absolutely want to protect against risk.

I'm sure I missed some information that may help answer these questions, and am happy to provide additional information. Thanks so much for the advice/personal stories.

Jenna