Personal Guarantees on Mortgage but Property in an LLC?

[Jon Steffen]

Good Evening,

My friend and I are working to partner up on our first deal. Location wise, we are looking at the Northern and Northwestern Chicago suburbs. We are working through setting up an LLC. We're also each getting umbrella policies for protection. We've spoken with mortgage brokers and have heard that we need to have the mortgage and hence the property in our names.

We are comfortable with being personally liable for the mortgage itself but we are uncomfortable with the property being in our names and would rather have it in our LLC's name.  

Does anyone have suggestions on ways to make this work so that we personally guarantee the mortgage but have the LLC actually own the property? Are there preferred lenders that anyone can recommend?

Thanks in advance.