Private money or hard money lenders such as Cal Bay Capital can lend to entities such as an LLC, LLP, Corporation or Trust. You can contact them via email @ email@example.com or by phone at 415-860-4117
The question would be as to whether your LLC has established credit. If your LLC hasn't established credit it wouldn't be able to qualify f a loan.. Usually, lenders requiret a two year financial hsitory, credit report, and tax returns.
What most new invesotrs are doing is using their personal credit to qualify for the loan. That would be 20% down payment on single family, and 25% on a multi family. When you write a purchase agreement title will go to the name on the first line. After closing you can quit claim the propeprty into your LLC to start building a financial and credit history. Your title company can give you a quit claim form, and insturctions.
I'd also recommend Waterstone Mortgage because they are bank, and can finance up to 10 investment properties if you intend to build a portfolio. Most banks will finance only up to 4 properties.
Waterstone also has a loan that allows you to finance the rehab process, and then move into a conventiona loan. It would be worth your time to talk with a lender at Waterstone. More information is always better.
The Mn Real Estate team holds investment seminars twice a month, http://www.mnrealestateshow.com.
There will be an Investment 101 seminar on July 17, Aug 21, and Investment 201 for more advanced info on August 28. Check it out, hope to see you there.
As everyone has said, different lenders will handle investment properties differently. Some of my clients have had luck w/ Waterstone Mortgage. Give Mike Ouverson a call @ 612-202-8321.
I have talked w/ another lender that was new to the area last fall who said they will allow up to 10 properties for qualified investors. I do not have their contact w/ me @ home, but will send it to you on Monday. You can email me your contact information.
Hope this helps,
If the property can support itself as a rental investment and can cash flow, you should have quite a few options.
If you are a rehab/resell investor, you will have other options of lenders that are more reasonable than an old-school hard money lender, and a few local ones have popped up on the Minneapolis metro area in the last year or two.
Not to pitch myself, but as a real estate agent that specializes in investment real estate, I'd be happy to take the discussion offline and address your specific situation.
Also, you can go to resources like the Minnesota Real Estate Investment Club or other local organizations for advice from other experienced investors.
Good luck and best wishes.
It also depends on if you will be purchasing from your income or not. If you are indeed using your income then going through a broker is the best way to invest in real estate.
But although rare trying to find a portfolio lender (basically banks that keep the loans on their books) is also a good option. These are basically very local banks that have goofy names (ones that you would not normally hear about). The key with that is you are actually going through the commercial department versus residential.
It is not so much based off of income but the property and your business credit. Anyways, you can always contact me directly through Trulia if you have specific real estate questions, otherwise Charles is my favorite loan officer in Minneapolis. I know you will just love talking to the guy.
Take care Mark!