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Updated over 7 years ago on . Most recent reply
![Cameron C.'s profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/154701/1621419883-avatar-ccrossley6.jpg?twic=v1/output=image/cover=128x128&v=2)
LLC Friend Local Lenders
Hey BP,
BACKGROUND: I currently live in the South Side of Pittsburgh, PA. Recently acquired my first SF rental (house hack) that cash flows $900/month via a 3% conventional with a pretty substantial loan balance. I had to get this loan in my personal name even after I approached many lenders trying to personally guarantee one under an LLC.
THE ASK: I'm looking to now tackle a fix and flip or acquire a property to execute the BRRR strategy but I would like to do this under an LLC as I begin to establish a larger portfolio. Does anyone know of any good local lenders, credit unions, regional banks that may have less restrictive underwriting requirements that would entertain such a conversation now that I have 1 profitable asset under my belt and a pretty good W2 salary to personally guarantee it? I found this so painstaking in the past so I'd like to start with some legitimate players in the area.
ALTERNATIVE: If you have good local private lenders that you've had success with I'd love to contact them as well but I was trying to avoid expensive loan products in the 10-12% range.
Thanks,
Cam
Most Popular Reply
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Fannie/Freddie will not do it. You can get a Fannie loan and put it in an LLC afterwards, but there are risks that have been discussed a lot on these boards.
The portfolio products that will lend to an LLC will generally want some combination of a higher rate (still well below hard money), points up front, an ARM, a promise from you that you will NOT move in, and a normal 25% or more down payment.