property transfer

[Scott Houin]

Hello All,

I recently bought a property which I used a private lender.  I'm currently working to refinance the property and ran into a few issues/concerns.  The loan amount is only 32k so many of the banks i have tried to work with keep directing me towards 10/20 commercial year loans. The property has been rented for 3 months and on a 10 year loan most of the cash flow is gone.  My goal is to have cash flow not pay off the property quickly.  Personally i really don't care how long it takes to pay off the property as long as I have cash flow.  There is a small amount of cash flow on a 20 year, but i feel i could do better on a 30 year conventional financing.

I have lender that will allow me to use a conventional loan, but the home is owned by my business and not in my personal name.  Its my understanding that i cannot use a conventional loan on a property owned by my business? Not sure if this is accurate or not.

I thought i could just transfer the asset to my personal name, but i'm unsure of the tax consequences. if i have to transfer the asset to my personal name would there be any tax consequences for doing this? 

Here are the numbers on the property.

bought for: 20k 1 year ago

repairs: 12k

owed: 32k 

current value: 30-40k depending on appraisal 

Rental: $450