Contractor · Ankeny, IA · Member since 2017 · 13 posts · 12 votes
I can get a better rate, better term, and more cash out if I use a residential loan product. But I transferred them into my LLC for liability purposes. Can I now transfer them back into my name so that I can use a residential product? I have found commercial lenders who will refinance the properties, however the terms aren't as favorable and the cash out is 65% of what I figure I could get from a refinance with a residential loan product.
Rental Property Investor · Perry Hall, MD · Member since 2016 · 586 posts · 598 votes
5y
Speaking in general terms here: yes. I've done this in Maryland where I was the sole member of the LLC. I had to cancel my LLC and did a quit claim deed to transfer the property. This was done at closing for the loan. Doing it this way did not trigger any sort of tax consequence. I strongly suggest you call your title company to discuss as I'm sure they'll be able to tell you for certain for the area you live in.
Lender · Nationwide Lender · Member since 2019 · 391 posts · 140 votes
5y
@Michael Lown
Yes! You will do a quitclaim deed to your name and back again at closing. It’s a normal practice for the lenders that know. How much are you looking to cash out?