Obtaining loan for Multifamily property

[Frank Ambrosino]

Hello everyone. My partners and I have recently started a new company to invest in real estate. At the moment we are looking to buy a multi-family property/apartment building; here is the issue. Being that our company is new I do not believe that our company has established a credit line to be able to obtain a loan through the business. We cannot take out a personal loan at the moment either do to current refinancing on our own homes amongst other endeavors. We do have the capital in the business account to show that we are capable of putting down a down payment and pay off the mortgage even though we will have tenants that will be doing that for us. Can anyone please help us on how could obtain a loan or capital to buy the buildings. Any and all input will be greatly appreciated. Thank you!

[Nathan Gesner]

Your "company" doesn't need credit to purchase. You are the one purchasing the property and then placing it under your LLC or whatever entity you are using. The bank will look at you and your financials, not the business.

I made an offer on a property in January. The offer was made in my name and I applied for financing under my name. After my offer was accepted, I set up an LLC and created bank accounts for the LLC. Once that was done, I contacted the Title company and told them the deed would be in the name of my newly formed LLC. I contacted the bank and told them the same. They made those changes on their paperwork and it's a done deal.