Updated over 6 years ago on . Most recent reply
Using Quit Deeds with an LLC
I'm a Canadian, living in Asia, looking to invest in US property. There's very few banks that I can get loans from, but I'm lucky enough that I have enough cash to do a lot of cash deals. The issue though is after I buy, I want to refinance my deals so I can leverage. The issue I have is that from what I can see the banks won't allow me to refinance if the property is in an LLC. My banker has told me what I should do is instead buy in my personal name, and then use a "quit deed" to transfer it to an LLC after I get my financing approved. Is this legal and does it protect my assets if someone were to sue me?