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Transferring property with a mortgage
My primary residence is owned in a family business LLC. I would like to transfer the property into my own name so that I can utilize the equity to acquire rental properties. I would prefer not to refinance as it would significantly increase my monthly payments. I am trying to sort through my options to find out what would work best.
I was thinking of quit claim deed but am concerned about the due on sale clause. Mortgage is with a local bank in a small town that the business uses so they would likely notice this change.
If the bank calls the due on sale clause could I refinance at that point?
I owe $100k on the house and it is worth around $320k. If I end up having to refinance would it be better to do a cash out refinance for as much as I can get or only refi the $100k and get a heloc?
The plan is to use the cash to brrr or flip a couple properties.
Thank you for your advice.