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Updated almost 3 years ago,
Best Loan for 4-plex in LLC for BRRRR
Myself and 2 associates are partnering in an LLC to invest in real estate. We are currently looking to make offers for our first deal together on a 4 plex or other small multifamily. We have the cash for a 25% down payment and enough to fund the rehab but are looking into options to purchase it and then do a cash out refi. Based on my research it looks like we cannot get a conventional loan in the name of an LLC and it seems like if I get a loan under my name it would "pierce the corporate veil" and negate the liability protection of the LLC. Does this sound right? If so, what is the best option to finance a small multifamily BRRRR project that is held in an LLC? Is a "rent and rehab" short term, interest only loan product from a provider like LendingOne the best option here until the refi? Thanks in advance for the help!