Limit to 4 mortgagess

[Daniel Dietz]

Hi,
I was recently at a business networking event where I got to briefly talk to 2 Mortgage Brokers. Previously I have only sat down with conventional lenders (banks). Both mentioned when I ask about financing for rentals that there are now limits that only allow for a 'person' to have 4 mortgages. This was new to me.

Even though I am planning on only starting with 1 property, I can easily see acquiring more if things go as planned.

What do all of you know about this, and if there is a limit, how would that affect a 3 person LLC, which is how we are planning on most likely doing things. Would that mean the LLC could own 12? (3 people * 4 mortgages) or would there maybe be an advantage to doing things separately as we grow, so we could each own 4 if desired?

Thanks,

Dan Dietz