HELP!!! Downpayment loan for unsecured PLOC

[Account Closed]

BP community, I'm asking for your help! I'm in quite the predicament.

I have a great opportunity in front of me to start the real estate journey I've always imagined.... Buying a multifam with a partner, our projections would put our NOI well above average and give us the ability to pay back even a hard money loan at 7% in 3 years. I can tell you guys how I am able to do this in another thread, but here I will seek advice for a flaw in the plan that could have the whole thing crashing down. A down payment...

My partner and I started an LLC. We are waiting for our EIN, and plan on opening a company bank account soon. The issue that we are having is that the company has no credit, nor do we have any business history. We do have the ability to secure a personal lines of credit, through my partner.... My partner has income history and a decent credit score (620ish). I have exceptional credit, but poor income history (i've been a student for the past 4 years).

As we get closer to financing, my partner tells me that in order to secure the PLOC, we need to show POF in one of his personal accounts. We currently don't have this.

I wanted to accomplish this through a unsecured loan from a friend or family member. They would make the loan to the company, the company would make a loan to my partner. My partner would use the loan as down payment for the PLOC... Then, the company (from the income generated), would pay off the PLOC, and the down payment. Then, after the PLOC and down payment loan are paid off, the title of the house would transferred to the company. All this could work through an operating agreement that a lawyer could draft up.

In this scenario, the title to the property would be in my partners name, the company would be essentially making installment payments for the house. Now I'm sure many of you can see why the friend or family member would not feel comfortable loaning the money. My partner would have title to the property and there would be an unsecured loan. Foreclosure, a failing business, and market decline are all risks that could prevent the loan from being paid back.

BP community, please help! I want this deal to happen but if we can't figure something out then it all falls apart. The worst thing is I have about 50% of the down payment already.

Tell me what you think, is this smart, stupid, are there creative ways to overcome this?

Any insight would be greatly appreciated, and as you guys can assume, we are open to all offers/help.