Moving properties to an LLC to avoid hitting property limit
Hello,
I have 6 investment properties overall and am having difficulty obtaining a-line of credit on one of them because of the banks’ limit on how many rental properties you can have to lend to you. I am in the process of moving them to an LLC, but I also want to NOT appear on m credit report.
Do I have to refi under the LLC? Would that work in making them “disappear” from my credit report?
Thanks,
Tarik
Most Popular Reply
Who owns them has nothing to do with your loan count with the lender.
You could transfer them into an LLC and STILL be limited in your ability to get a loan because the loan is still in your name.
The only way to get rid of the loan would be to pay it off, consolidate loans to 1 property to lower your limit, or get a commercial loan in the business' name. Otherwise, you should be able to go up to 10 loans through conventional methods.