Transferring Personnal To L.L.C.
Bought a lot and planning to build a SFD. The construction loan is set up as a personnal loan. I formed a sole propietor L.L.C. Is there a way to transfer the property into the L.L.C. before construction or should I hire my L.L.C. to build the house for me? Just trying to transfer the risk to the L.L.C. Any help would be appreciated.
I did the same thing. After I got the loan from the bank, I told them I wanted to put it all within my LLC. They had no objections since I was the guarentee on the loan. Also transferred property into LLC. Most likely dependent upon your bank though.
"Just trying to transfer the risk to the L.L.C."
Don't know what this means, but there's no way YOU are going to get off the hook, personally, on your loan, no matter who you deed the property to.
probably refers to liability risk, not responsibility for the loan.
John, speaking of liability only. I don't think I would want to ruin my reputation and standing in my community by running out on a $225K. loan. I voted today, did ya'll? GO W!
BD, good "on ya" and I wasn't implying you might walk out on your lender...just saying that nothing a borrower can do is going to get him released from loan he's signed.
Looks like W is doing alright so far.