Finding a lender for my LLC

[Brad Herb]

I'm looking to purchase my first investment property using the BRRRR method. I found a property that I can purchase price around $63k and anticipate about $30-35k in improvements. My goal is to own the property in my LLC, which I recently setup. Below are the steps I am considering:

1. 1. Use a HELOC on my primary residence, transfer the funds to the LLC bank account to purchase the property and cover the renovations.
2. 2. Find a tenant for the property.
3. 3. Refinance a mortgage with an LTV of 70/30 or 65/35. However, my concern is finding a lending institution willing to provide a mortgage to my LLC with no history.

I’m looking for feedback on my approach and if there are any potential concerns.

[AJ Exner]

Hey Brad,

Should have a bunch of options here on the platform, highly suggest the Find a Lender tab that can get you in the right direction!

(https://www.biggerpockets.com/business/finder/lenders)

Biggest things to ask, is 1) to make sure they can use HELOC funds (usually they just want to see them in an account first) and you should be fine. 2) Make sure they are okay with purchase prices below $100k on a rehab (and total loan amount assuming 20% down). Especially as a first timer. And 3) Make sure they lend in the area you are investing in.

Other than that, have fun, learn a lot, and good luck! Happy to connect and help where I can!