Partner that is not on the loan

[Farrukh Amini]

Hello BP community! 

How would you go about structuring a partnership that involves one partner bringing deals and serving as guarantor of the loan (has better credit and income, hence applies for the loan) and the other bringing cash for downpayment and closing costs (but not listed on the loan because has no credit/income). 

We want to purchase the property under an LLC which will have both partners listed as members and will have an operating agreement. The lenders we spoke to are saying that all LLC members need to be on the loan. My attorney says not all have to be on the loan but it's up to the lender to require it.

The partnership is 50/50 and the cash partner who can't be on the loan needs to be in the LLC To ensure his contribution is documented.

I’m curious to learn if anyone else has formed a partnership like this and if so, what creative ways they used to go about it.

I appreciate everyone’s input on this. 

Regards,

Farrukh