Rookie Mistake-Can't move prop from my name to LLC w/o refi

[Mark Minehart]

I'm extremely aggrivated by a bonehead mistake and wanted to see if anyone has delt with this before.

Long story short - I bought property in Ohio (great deal) intended for rental before I had my LLC set up. The Wells Fargo mortgage is of course in my personal name. My intent was always to get the property in my name then do a quit claim deed to the LLC. Thinking that since the loan itself will remain in my name I can still move the property over to the LLC for a small fee for the new deed.

Wells Fargo just informed me that I need to have a commercial loan to do this and that they would call for full payment if they found out I moved it.

Clearly, this is my mistake for not adequately researching this and ensuring my bases were covered.

Has anyone encountered this problem before? Is there a creative way around this that doesn't require a ton of money in closing costs and fees to rewrite the loan?

If you are a beginner like me, make sure you know the finer details and clearly explain what you are doing before you do it!
Mark

[Eddie Ziv]

Both Will and Vincent are correct. Here is what I do (I have two properties with mortgages against them with different lenders under my LLC). I send them a payment from my LLC account using my LLC checks. This should constitute a form of notification. If they accept the check and do nothing (...And they will do nothing) you filled your obligation although the law doesn't put the burden on the borrower to notify the lender.