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Updated about 17 years ago,
Mortgages, LLC's & warranty Deeds
Hello All,
I am acquiring an investment property from a builder and I wanted to have it owned by my recently created LLC. However, I just learned that its mortgage company doesn't do mortgages to LLC's, not even with personal guarantee.
I read in another forum that a way around this is to acquire it under one's name and then do a warranty deed to transfer ownership to the LLC.
Please help me with the following questions:
1. Does it require approval from the mortgage company to do the warranty deed?
2. How complex is it do it? Do I need a lawyer?
Thanks,
Edgar Zuniga