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Real Estate
Reply to "LLC for rental property"
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[quote=Anonymous][quote=Anonymous]I just called my lender and they will not allow our mortgage to be transferred to the LLC. It is US Bank and it is a company policy. We want to turn our existing property into a rental and now is a good time to refinance. If anyone knows any banks where an LLC ownership is allowed please let me know. [/quote] Most lenders will not allow a loan to be transferred at all. You have to pay off the loan and get another loan. Any transfer of the property (whether into LLC or not) will also require the original loan to be paid off. The only issue with the new loan is whether the LLC has sufficient assets (or a guarantor with sufficient assets) to qualify for the loan.[/quote]
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