Personal loan to LLC loan transition
Can you transition a personal loan into an LLC loan? If so, how does that work and what is the time frame in which one came do so?
I am in a partnership LLC. We are exploring the option of utilizing a partners bank account to hold our LLC down deposit to purchase our property. We are under the impression if we open an LLC account with our funds transferred to it, the account would need roughly 2-3 months to mature prior to use in business. If this is the case, we'd like to utilize a personal account to purchase the property, but then transition the mortgage loan to the LLC to relieve the individual of "personal" debt.