Updated about 8 years ago on . Most recent reply
Banker wants to modify my loan because I moved it to an LLC!
Hi BP, I would like to move my rental properties into my LLC. So I gave my local banker a call as a courtesy heads-up. Unlike other banks I dealt with before, he said I would need to get my loan modified, which would take $500-$600 in attorney fees. Has anyone heard of this before? Any recommendations for local Texas banks that doesn't have a problem with moving properties into LLC's name after financing in personal name? Thanks.
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Natalie Kolodij
Tax & Financial Services
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Did he need to modify it to a commercial loan?
If so- That's fairly common. Often transferring to an LLC can trigger them to call a loan or deny if it isn't a commercial loan.
Kolodij Tax & Consulting