A hard money lender said I need to have an LLC for the purchase, 15k bank statement for last 2 months and $3,500 minimal fee for loan along with 12% interest on 13m loan.

This will need to be a small bank who holds loans in their own portfolio.

Do banks consider ROI or appraised value? 

@Allison@Allison Escovedo What do you think your bank would do if you didn't pay your payments and ignored their calls for a couple of months?  

If you know of the odd 'winterizing' company that do it for banks etc they can notify you.

Jeremiah, here's my advice in a five-year plan so A) is patience:Year 1) start a single-member home-business LLC for FREE using bank bonusesYear 1-2) build a 720-800 FICO for FREEYear 1-3) season the LLC for FREE and target a 80 PAYDEXYear 1-4) save some cash by cutting back for a few yearsYear 4) study 10,000 properties for FREE and build a teamYear 5) target a small starter commercial project (4 units or more)using the LLC PAYDEX and 800 FICO when it's a buyer's marketrelying on good financials for the property more than your job6) rinse and repeat and SKIP RESIDENTIAL!!!

Do we need to form an LLC together, should we open a joint bank account together etc????

My only real reason for wanting to move my property into an LLC would be to show a bank that a newly formed business has an asset worth as much as the house.

In almost 30 years I have always used a TREC contract or in most cases the contract the bank, HUD, VA or FNMA requires.

I am looking to buy my first small multifamily  property and am wondering what local banks or lenders you have had good experiences with?