Two Properties, One Loan?

[Jeremy Dugal]

Hello. I am currently in the process of purchasing a triplex in the town I live in. This property will be purchased by and LLC and I am working with a commercial lender.

I also have a duplex that I purchased last year under my personal name. I want to transfer this property into my LLC. The numbers on the duplex are as follows:

Purchase Price: $60,000

Appraised at: $80,000

Remaining Mortgage: $45,000 at 4.625% for 14 more years

Monthly Payment: $370.28

The purchase price of the prospective property is $73,000. The bank wants 75%LTV. My plan was to use equity in the original property for money down maybe with a little extra cash as needed. My hope was that they would transfer the first property to the LLC just by re-writing the note as all of these transactions are with this one bank.

The lender called me today and asked me if I would mind consolidating both of these properties into one loan. This would make it easier for him to transfer the personal property to the LLC was one reason given. The terms are as follows

$120,000 loan for 20 years at 4.8% for a monthly payment of approx. $780

Does this sound like a good deal? Am I missing something because I think I like it? Will this prevent me from selling the properties separately in the future or using their equity separately. Are these two properties always going to be a package deal. Do I need to ask the lender any further questions before preceding. Please Advise and thank you in advance.