Quit Claim Deed / Finding Lender - Please Help!

[Mack Owens]

Hello BP,

Currently house-hacking a duplex purchased at the end of May using private money but am running into the road block of finding a bank in my area that is willing to work with a Quit Claim Deed. Obviously I am wanting to secure long-term financing while rates are so low and get the property into an LLC for the added protection.

 Most banks that I have spoken with seem to understand the concept and do not seem opposed but aren't willing to provide any form of written guarantee that once the Quit Claim Deed takes place they won't call the note due. 

Would love suggestions, advice, connections if at all possible!

[Peter Walther]

I think the problem might be with the conveyance, not the type of deed that's used. Most loans have a due on sale provision that may be triggered when you convey the property into the LLC though I believe the number of times lenders call the loan if its performing is low.