Posted by Douglas on July 06, 2004 at 22:43:04:
Try looking into Quit Claim deed. I cannot vouch for what will happen with credit report, but you can certainly transfer ownership.
Transferring Investment RE to an Entity - Posted by toomuchre
Posted by toomuchre on July 05, 2004 at 16:48:19:
Can anyone recommend the best method for changing ownership on a bank loan/note on personal investment property, to an entity (LLC or Trust?) to remove it from the credit report?
Any suggestions/recommended reading is appreciated.
Thanks
Re: Transferring Investment RE to an Entity - Posted by g morgan
Posted by g morgan on July 08, 2004 at 19:20:22:
we too have too much real estate. I would love to transfer, sale whatever it takes to move some of our inventory. We have a 100K in mortage payments every month and a lot of people relying on us. We are responsible for 14 million in real estate. Hope you don’t have that much.
The quit claim deed will transfer ownership, but won’t relieve your financial obligation to the lender.
we also own a mortgage brokerage business in Florida and based on my knowledge you only have a couple of options. 1. See if your mortgages are assumable. If they are then you may be able to have your LLC or someone else assume your mortgages. They will have to qualify and someone will have to guarantee them.
If you have enough equity in the properties you can get a hard money equity driven loan. LTV around 60 -65%. Many hard equity lenders dont report on credit.
May be you can sell your properties to your llc. If you have enough equity you can do some creative financing. If the properties are worth more than you owe you can use the equity for closing costs, etc. Someone is still going to have to guarantee the loans personally unless you have enough equity for hard money or your LLC or entity has at least a two year history. It sounds like what you want to do is to pay off the mortgages you have. If you find another way let me know!
G.morgan