LLC Deed Transfer - Due at Sale Concern
Hey everyone! Hope y'all are getting geared up for the holiday weekend.
My partner and I continue to come to the same hurdle... deed transfer to a series LLC. We've spoken to numerous lenders across DFW, and every single one will give us a different response. We intend to do a cash-out refi after the 6-12 month seasoning period, which will force us into a conventional mortgage. Have any of you successfully been able to transfer the deed to their LLC after refinance or purchase? From all the people we've spoken to, we've never heard of a lender invoking the "due on sale" clause as long as the lender gets their money, but once it's on the secondary market, there's just too much separation. It's just one of those risks that we don't like having hanging over our head. So in summation...
1) Have any of you out there transferred the deed to your LLC? Any issues?
2) What is the deed transfer process? What channels does it go through? Does the lender receive notification, or is it something they have to stumble across?
We don't want to do anything illegal, just looking for advice!