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Updated about 8 years ago,
Financing for LLC's first deal
Hello, me and a group of about a dozen friends are going to form an LLC to pool our money together to purchase some rental properties. We should have a decent amount of money between the group of us, but it won't be enough to purchase something outright. Nobody will want to take out a traditional mortgage in their personal name, so all financing will be through the LLC.
What kind of financing options will be available to us?
What should be our first few steps to start to research potential lenders?
What percent should we expect to have to bring to the table? 20%, 30%, etc.
Is there a certain type of property that would be easier to obtain financing on then others? Multifamily, mixed-use, apartments, etc.
Any advice would be much appreciated. Thanks!