Transferring mortgage and deed to a LLC
I'm closing on my second SFH this month in west Michigan (Grand Rapids). I'm looking long term and decided to set up an LLC (2 actually, but long story). Now that the LLCs are set up I want to transfer the mortgage and deed on the first one into the LLC. The lender will not allow this, even if I personally guarantee the loan. They told told me to pay it off and refinance with another lender. I called twice to see if I got the same answer both times.
The broker I'm using now on the second property says this lender will allow it post close, no issues. Obviously I've learned my lesson and know to watch out for this in the future.
Any ideas or suggestions for me regarding the first property with the lender that won't allow the transfer.
Thanks,
Jeremy