Most Prudent Course of Action to "transfer" properties into LLC?
Good Morning Fellow BP rockstars - My apologizes in advance for asking what I'm sure has been a very common question throughout our forums.
What's been your experience in transferring properties currently financed by bank into your business LLC? We have an established LLC and multiple properties in our names that we would like to move into our LLC. Please provide any suggestions/recommendations you may have.
Is there a prudent way to accomplish this? I'm told banks these days are actively pursuing "due on sale clauses" when investors transfer title from personal to LLC. So that is something to consider as well...any insight would be awesome!
I appreciate your feedback! See you around BPland!
Jorge
Most Popular Reply
I am in your same situation, already talked to the lawyer, this is done routinely, you can ask for permission (they will say no), some credit unions don't care the best option is to do it, they will advise you on the due on sale clause and you will have time to cure (at this point you can transfer back to you) the bank forgets about you, then you transfer back to LLC (u will not pay the note) worst case scenario after a few years you probably need to refi-cash out get a bank that doesn't care.