Transferring a non owner occupied mortgage into an LLC

2 Replies

Hello all! So my partner and I set up an LLC to buy rental properties. We have funded the accounts and established business credit enough to make our first purchase. I’m curious about the ins and outs of purchasing a property with our own personal cash and transferring it over to the LLC. It would be a non owner occupied loan. Is it complicated? Is there a waiting period? What are the tax implications. We have a CPA and an Attorney but I wanted to reach out to you all for insight. Thank you in advance.

Simple process,  no tax implications, just some small due on sale risks.  You’ll need a new insurance policy with the llc as insured, this is what normally alerts the bank to the transfer.

@Wayne Brooks Hi Wayne thanks for the response. So is there a way to get non commercial mortgage non owner occupied using the LLCs funds? When transferring over the title and down the road selling the property do you know of any legal or banking push back that might hinder the process. I’m very curious about this process and want to make sure we avoid as many pitfalls as possible.