Transfers to 3 person LLC?

[Christopher Evans]

Hello BP members. My name is Chris, I am from the Harrisburg area, and I am now just getting into REI. I am a long time reader but this is my first post and I was looking for some guidance.

Myself and 2 others have decided to invest in real estate. We have formed an LLC and of course can not find anyone to lend directly to the LLC (despite our personal guarantee on the loan). Individually we should have no problems securing a loan as we all make nice incomes being in the medical field as W2 employees. My question is this:

What are the implications of getting a personal loan on a property and then transferring to a 3 member LLC?

I know this topic has been beaten to death on the forums. I also understand the bank can call the loan at anytime but is there anything more that I am missing? In my mind taking a individual mortgage and then transferring it to YOUR LLC is one thing but to transfer to a 3 member partnership may be completely different. I believe there are insurance implications as well. Any guidance would be greatly appreciated. I look forward to reading your response.

Sincerely,

Chris