Obtaining a mortgage with an LLC

3 Replies

Hello BP, I'm trying to solve a problem and I don't seem to be getting anywhere. I have an accepted offer on my first duplex I am trying to purchase, was preapproved with my local bank, but will not be able to close on property with an LLC. My lawyer advised me against transferring deed after closing so I'm not exactly sure how to move forward. Any suggestions would be greatly appreciated. Thanks!

Essentially, as I understand it, if the deed transferred ownership, the note must be paid in full with in 60 days. I’m told this never happens but I’d like to explore all my options

Originally posted by @Ryan Washer :

Essentially, as I understand it, if the deed transferred ownership, the note must be paid in full with in 60 days. I’m told this never happens but I’d like to explore all my options

Conventional financing allows the transfer now. Rule change a few yeaes ago. The "due on sale" clause will not be triggered.