Best Mortgage Lenders for LLC Owners
Are you an LLC owner looking for the best mortgage lender to help you secure a housing loan? Depending on your needs, the best fit might vary. Here, we’ve rounded up the top five best mortgage lenders for LLC owners to help you choose the right service for your business.
Our review of the best mortgage lenders for LLC owners includes lender pros and cons, types of loans offered, down payment ranges, approval times, and more. By the end, you’ll know which lender will be the right fit for finding you a loan.
Recommended LLC Mortgage Lender: Rocket Mortgage
The 5 Best LLC Mortgage Lenders
It can be difficult to know what to expect and prepare for when trying to find the right mortgage lender for your LLC. For certain types of businesses, this process will be easier than others.
Professionals in any regulated industry (e.g., accountants, lawyers, etc.) will find it easier to gather the necessary paperwork. Startups, LLC owners, newer businesses, and general contractors might find this process a bit more difficult, but that should never stop you from finding a lender to suit your needs.
Below, we’ve listed some of our top choices for mortgage lenders with services to help LLC owners purchase property. Some of these lenders lean more towards aiding in purchasing commercial property, and others can help with buying residential property. We will cover what to expect, pros and cons, as well as general features and associated costs.
Our Best Mortgage Lenders for LLC Owners in 2024
- Rocket Mortgage: Best Online Mortgage Lender
- Lendio: Best Mortgage Lender for Commercial Properties
- PNC Bank: Best Traditional Banking Mortgage Lender
- Caliber Home Loans: Best Mortgage Lender for the Self-Employed
- Giniel Financial Group: Best Local Mortgage Lender
1. Rocket Mortgage: Best Online Mortgage Lender
Rocket Mortgage, formerly Quicken Loans, is one of the largest mortgage lenders available. Boasting an extensive online experience where customers can process their loan online and speak to a mortgage banker at any time, Rocket Mortgage offers borrowers approval in under 10 minutes.
Another major advantage Rocket Mortgage has is the ability to develop fixed-rate mortgage products that are customizable to the borrower’s needs. Plus, 99% of the mortgages Rocket Mortgage originates, they also service. This means, instead of being passed off to another company, Rocket Mortgage offers complete support for the entirety of your mortgage journey.
Rocket Mortgage Pros
- Customized financing and flexible-term mortgages are available
- Competitive interest rates
- Online application with live agents to talk to
- 3% down available for highly qualified borrowers
- Available in all 50 states
- Paperless income verification
Rocket Mortgage Cons
- Does not offer home equity loans or home equity lines of credit (HELOCs)
- Does not offer loans to purchase foreclosures
- Higher down payment requirements with poor credit
- Loan closing process is slower than average
- No in-person branches
Rocket Mortgage Highlights
Get to know the different types of loans Rocket Mortgage offers, down payment requirements, credit score requirement, approval time, and minimum loan amounts:
- Loan Types: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, Conventional, ARM
- Down Payment Range: 3% to 20%
- Average Approval Time: 30 days
- Minimum Credit Score: 620
- Minimum Loan Amount: $100,000
Learn the benefits of starting an LLC for real estate investing purposes. Read our Benefits of Forming a Real Estate LLC guide.
Best LLC Mortgage Lender: Rocket Mortgage
Rocket Mortgage is an excellent online mortgage lending service, providing customized financing.
2. Lendio: Best Mortgage Lender for Commercial Properties
Business financing platform Lendio operates by matching applicants to funders and is one of the few lenders that offer commercial investment real estate loans. This way, applicants can shop around multiple options when looking to secure the best terms for an investment property loan. Plus, all you need is one application to shop several rates. The online application process takes around 15 minutes, and all documents are shared electronically once you select a lender.
Lendio offers residential, multi-unit, and commercial real estate loans, on top of an assortment of other business loans. Should you qualify, down payments can be as low as 3.5%. Not as good as Rocket Mortgage, but incredibly competitive. However, traditional commercial property loan programs have a down payment requirement of 25% to 30%.
Lendio Pros
- Marketplace has competitive offers
- Fast application process
- Wide variety of financing options and lenders
- Personalized guidance and expertise
Lendio Cons
- Higher interest rates for those with lower credit scores
- Higher down payment for commercial properties
- Must fill out an online application to see loan terms
Lendio Highlights
Here’s a handy list of the different types of loans Lendio offers, down payment requirements, credit score requirement, approval time, and minimum loan amounts:
- Loan Types: Commercial Real Estate Loan, other types of small business loans
- Down Payment Range: 4.25% to 30%
- Average Approval Time: 45 days
- Minimum Credit Score: 600
- Minimum Commercial Loan Amount: $250,000
Looking for more ways to raise money for your investment properties? Be sure to check out our 10 Types of Rental Property Financing guide.
Lendio
Lendio is a flexible and competitive option for LLC owners looking to purchase investment properties. Get started with Lendio’s online application process.
LENDIO
3. PNC Bank: Best Traditional Banking Mortgage Lender
Even though PNC Bank offers a more conventional mortgage lending experience, they still provide quite a bit of variety and flexibility. Operating in all 50 states, borrowers can find a wide range of mortgage products and an intuitive online experience. One clear example of this ingenuity is the Home Insight Tracker, this online feature helps customers find a suitable mortgage payment and offers real-time rate quotes while you search for homes. Home Insight allows loan applicants to track the process of their loan and upload supporting documents.
For borrowers with good credit and low debt exposure, residential investment loans can be financed with just 3% down. PNC Bank also offers commercial investment options, but LLCs looking to secure these loans will be most successful with strong finances and previous experience in managing property. For those looking for a more traditional brick-and-mortar experience, PNC Bank has locations in 23 states and the District of Columbia.
PNC Bank Pros
- Low minimum credit score requirements and fast pre-approval
- Online and in-person services available
- Specialty loans for low- and moderate-income borrowers
- Financing options available for residential and commercial investment properties
PNC Bank Cons
- USDA loans are not available
- Whereas PNC operates in all 50 states, it does not have locations in all 50 states
- Some down payments could be higher than the competition
- Significant experience required for commercial real estate financing
PNC Bank Highlights
See the different types of loans PNC has to offer, down payment requirements, credit score requirement, approval time, and minimum loan amounts:
- Loan Types: FHA, VA, Conventional, ARM, Jumbo, Home Equity, Community (No PMI), and Medical Professional loans
- Down Payment Range: 3% to 20%
- Average Approval Time: 30 days
- Minimum Credit Score: 620
- Minimum Loan Amount: $100,000
Looking for more guidance on how to gain, repair, or improve your business credit? Be sure to read our guide to business credit.
PNC Bank
For LLC owners looking for a more traditional banking experience when it comes to secure a mortgage loan, PNC Bank has quite a bit to offer. Visit PNC Bank and see what they can do for you.
PNC BANK
4. Caliber Home Loans: Best Mortgage Lender for the Self-Employed
For solopreneurs, securing a home loan can be even more difficult. That’s where Caliber Home Loans comes in. Offering programs geared toward the self-employed, this mortgage lender streamlines the process of documenting non-traditional forms of income. Alongside this, Caliber also has one of the lowest minimum credit score requirements and will even accept other forms of credit information when considering applications. Even applicants with alternative credit data can receive down payments as low as 3%.
The online application process is incredibly easy to use, all you need to do is answer a few questions about yourself, your finances, and your housing budget. From there, a Caliber representative will contact you to finish the rest of the process (which typically takes about 15 minutes).
Caliber Home Loans Pros
- One of the largest selections of mortgage loans available
- Some loan programs have low credit score options
- Program available for self-employed customers
- Non-traditional credit information accepted
- Available in all 50 states
Caliber Home Loans Cons
- No home equity loans or lines of credit available
- No mortgage rates displayed online
- Can’t bundle your mortgage with other financial accounts
Caliber Home Loans Highlights
Here are the different types of loans Caliber offers, down payment requirements, credit score requirement, approval time, and minimum loan amounts:
- Loan Types: Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA, ARM
- Down Payment Range: 3% to 20%
- Average Approval Time: 30 days
- Minimum Credit Score: 580
- Minimum Loan Amount: $100,000
Want more resources on how to find the best type of loan for your small business? Read our Small Business Loan Options guide.
Caliber Home Loans
If you’re looking to work with a lender that accounts for alternative forms of credit or are a solopreneur wanting some friendly loan options, Caliber Home Loans could be the right fit for you.
CALIBER HOME LOANS
5. Giniel Financial Group: Best Local Mortgage Lender
Giniel Financial Group offers free personalized rate quotes, a variety of loans and rates, and has dedicated relationships with their borrowers. Not only does this make the experience more personable, but you can trust your broker will be with you from start to finish.
With Giniel Financial Group, you can view daily mortgage rates to secure the best home purchase loan and refinance to lock in better terms and interest rates. Not only that, but they have some of the fastest funding on the market, allowing you to get what you need to secure your dream home. Proving they do it all, Giniel Financial Group can also help evaluate your property and compare rates to ensure you’re finding the best deal possible.
The only significant downside to Giniel Financial Group is they solely operate in Florida, Michigan, Texas, Pennsylvania, and Georgia. However, if your LLC is in any of these five states, we highly recommend you use their services over any others. They do offer digital quotes and boast a streamlined online loan application and approval process — one of the fastest around, getting you your money in about 30 days.
Giniel Financial Group Pros
- Excellent customer reviews, often stating costs were lower than expected
- A wide array of free tools to help applicants better prepare
- Real-time rate comparisons and home search tools
- Dedicated team of brokers providing personable communications with clients
Giniel Financial Group Cons
- Only available in five states
- No available list of current brokers
Giniel Financial Group Highlights
Get to know the different types of loans Giniel Financial has to offer, down payment requirements, credit score requirement, approval time, and minimum loan amounts:
- Loan Types: Fixed, Adjustable Rate Mortgage (ARM), FHA, VA, Jumbo, USDA, Reverse Mortgage
- Down Payment Range: 3% to 20%
- Average Approval Time: 30 days
- Minimum Credit Score: 620
- Minimum Loan Amount: $100,000
Make sure you have all the correct forms for your lender. Refer to our LLC Legal Forms page for more information.
Methodology
Choosing the best mortgage lender for your LLC comes down to three things:
- Type of real estate you want to have
- The finances of your business
- Additional services you may want from your broker
The TRUiC team evaluates each mortgage lending service based on the following:
- Loans Offered: Does the mortgage lender offer a variety of loans that could suit the needs of many businesses, or are they more niche?
- Features: Does the lender include common tools such as rate calculators, tools for gathering essential paperwork, are there pre-approval tools, etc.?
- User Reviews: Have previous customers rated and reviewed the brokerage service positively, and is the service receptive to negative reviews?
- Customer Support: Is the service’s staff knowledgeable, friendly, and responsive to customers? Will they provide users with peace of mind throughout the mortgage lending process and beyond?
- Accessibility and Transparency: Is the information on the services’ websites easy for the user to navigate and understand? Is the application process straightforward, user-friendly, and void of hidden fees?
Overall, our main goal is to recommend the services that provide the best value for our users so they can more easily invest and grow successful businesses.
FAQs
Yes, you can absolutely buy a house with an LLC. However, it can come with slightly more obstacles than traditional routes to securing a home loan.
This will be difficult. Most mortgage lenders will require at least two years of financial documentation and finances that suggest a successful future. As a startup or newer business, you might not have the necessary documents, especially if your business is under two years old. However, don’t let this stop you. Contact Rocket Mortgage to find out what your options might be.
