Lending Suggestions for a New LLC

[Jason Deangelis]

Hi BP community. My partner & I have created an LLC as we have been searching for properties the last 6 months. We have found a 3 unit building in Illinois in which we want to make our offer. We are still trying to understand the best and legit approach to financing. Will we have no other choice to do a commercial loan, or, another option we have heard from a lender would be to obtain a conventional loan now and quit deed the claim to the LLC 6 months from now. Our concern is that we will encounter a "Due on Sale Clause" no matter what in this circumstance. If there is a direction we can be guided or any referrals to lenders to make this work we would greatly appreciate the assistance. Thanks in advance.