Trying to buy first rental with a HELCO then transfer to LLC

[Donny Hackett]

I am trying to use a HELCO to purchase my first rental property but the C.U. i am using said we do not support the transfer into an LLC. How can I still use my HELCO to buy the rental then transfer the rental into an LLC for protection etc.? - i live in MD. any help would be greatly appreciated!

[Greg Kasmer]

Donny - Not sure of your exact situation, but seems like you can 1) Open up a business checking account in your LLC name, 2) Take out HELOC, 3) Transfer funds from your HELOC to your personal checking, 4) Transfer funds from personal checking to business checking account, 5) Purchase property under your LLC using the funds now in your business checking account. Do you think that scenario is possible?