bank won't let me transfer to LLC

[Mikael Lickteig]

The bank holding my mortgage has informed me that they have made a business decision to not allow properties to be transferred to LLC's. I have gone back and forth wether or not an LLC is needed, but after doing some research I have decided I would like to separate my rental properties from my personal finances.

Has anyone else experienced this problem? What would be the best way to solve it?

Thanks for any input!

[Eric A.]

@Mikael Lickteig I have owned several properties and never used an LLC because it really doesn’t protect you in the end. What protects you is insurance, insurance, and then more insurance. Look into an umbrella policy that deals with owners of rental properties and you will be fine. You can get an umbrella policy for 5 million that is inexpensive.