Calling All Pittsburgh Lenders

[Alex Ciuca]

Hey folks, I created a post a few weeks ago about my wife an I starting to invest in SFH and MFHs in the Pittsburgh and/or Columbus markets. Sure enough, we found our first deal and made an offer which was accepted. Now, we need a lender. We want to set up our business as an LLC holding company with each property acting as a subsidiary LLC. We've reached out to several local (Pittsburgh) lenders and none of them offer loans for LLCs. We spoke with one broker who recommended someone but the loan would be for a commercial property on a variable APR basis, not what we want. We can convert the purchase to an LLC after closing but then we are subject to paying the title transfer tax again, also, not what we want.

Curious if there are any lenders out there who can help us. Should we just forgo turning properties into LLCs and just add umbrella insurance? Would love to hear how others on BP set up their REI.

Cheers

[Chris Wharton]

@Alex Ciuca as the sole member of the LLC I don't believe you would. I can check with my RE Attorney.

What county is the subject property in?