Help moving purchase to LLC via land trust,ect.

[Chris Drury]

My business partner and I have purchased an investment home that recently went to closing. We did not title it in the name of our LLC due to complications with financing, so it's titled in my name with converntional financing 30yo fixed. We are looking for ways to move it to our LLC. After reviewing the Garn - St. Germain Act of 1982, it is apparent that we can put the property into a land trust with both of us as beneficiaries without violating the due-on-sale clause (as long as the original owner is a beneficiary). Could we make the LLC the beneficiary of the trust and then co-own the LLC without violating the due-on-sale clause? Or, thinking a bit outside the box, could the original owner be a 1% (or less) beneficiary of the trust and the co-owned LLC a 99% beneficiary? Or is this just silly?

Also, we are purchasing a second property in a couple months and plan to assign the deed to a land trust on the day of closing. Similarly, how should the beneficiaries be listed?

Any help you could give would be much appreciated. Feedback from lenders would be appreciated as well.

Loan was recently sold to BB&T.

Goal is to eventually have the LLC (equally owned between my partner and I) be the owner of several properties. Currently he and I are splitting the 20% down payments to aquire income properties which I am settling in my name due to lender restrictions for settling into an LLC.

Thanks

[David P.]

I looked into this same thing when I purchased a multi-family a year ago and the lender wouldn't go for it. I had to have the property titled in my name and not the LLC. The financing is a commercial business loan. I'm curious how LLCs get set up for real estate--all cash deals?