Loan structure with partners

[Charlie Redding]

Hey all,

Two partners and I are looking to invest in multi-family real estate. We live in the Seattle area so prices here are astronomical -- hence the need for three partners. The benefit, of course, is that rental rates are also quite high.

We're working on financing and structure options. We're planning on forming an LLC to provide protection against personal liability (assuming we are taking care of the property, of course). However, I'm having trouble finding information on lending options.

Because the property will be held in an LLC, are conventional mortgages off the table for us? 4% fixed for 30 years sounds pretty nice. Conventional financing through a business bank for an LLC would be a 10 year note, fixed for 5, with a 25 year amortization.

All three of us will have ownership in the property, loan, and LLC.

Any advice would be extremely helpful!

Thanks!