Which first LLC or Refi?

[Johanna R.]

Hi All

I've got a property I paid for in cash that I need to refinance but that I's also like to 

put in an LLC. I'm afraid that if I put it into an LLC the bank wont let me refi unless its in my name

or can I refi w/ an LLC name? Which should I do first refi or put into an LLC?

Thanks for your time,

Johanna

[Peter Ryabikin]

I would refi and then put in a llc. I heard doing a refi in a LLC is very difficult. I have done this on a 4 plex. Technically the bank could call it due but that is also very rare. My lawyer said that in his 30 years of business he only seen it happen a couple times. As long as you make the payments, the banks usually won't care. Another option is getting a umbrella insurance policy instead of a LLC if you are looking to transfer to a LLC for personal liability reasons.