Looking for Suggestions for Commercial Lenders

[Ed Goble]

Hi. I have really good credit (personally, an 800+ credit score) and my record for paying my bills is stellar. The only potential issue is that I am a newbie and am looking to buy the first property. I am hoping for suggestions on commercial mortgage providers that would do a 30 year fixed, and that would have the mortgage in the name of my LLC, and not in my name. If not a 30 year fixed, then as favorable terms as possible. My main concern is to find something that won't force me to put the property in my name when I want to have it under the umbrella of an LLC.

The down payment is not a problem because I will be using my HELOC on my residence for it.

Private money is a good option if the terms are sane and decent.  I realize that my lack of experience may be an issue in either case (a bank or private money for the source of the mortgage), but I do have mentors and lawyers to make sure I do this right, and I also will be using a property management company with a lot of experience.  So I am very certain that this will work with the right arrangement.

Please private-message me if you have suggestions.

Thanks

[Tom S.]

@Ed Goble Keep in mind with a LLC and a commercial loan, it might not be in your name, but it will require a personal guarantee. All of my commercial loans with various lenders require it.

I've heard 30 year is doable but generally 15 or 20 year terms is what I've come across.

I can't tell where you're located, but I've had the best luck and best terms with local banks, especially ones that already know the property in question.  For my first commercial loan I didn't have much experience but they still did it based off my W2 income and good credit (and rent rolls), so that should help on your side.

Good luck!