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Updated over 6 years ago on . Most recent reply
![Matthew B.'s profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/158817/1621420151-avatar-manateehunter.jpg?twic=v1/output=image/cover=128x128&v=2)
Should I transfer rentals from LLC to personal name for loan?
I own several single family homes and a couple duplexes that are held in an LLC owned by myself and a partner. They're all rental properties.
I've been trying for years to do the "BRRRR strategy" as it's now called - since even before the term was coined. I've tried almost 30 different lenders, the majority being portfolio lenders, and none have been able to help me. The fact that the properties are held in an LLC automatically sends me to the commercial loan department and their less than desirable loan terms.
I thought my search was finally over when I found Trustco Bank. They offered a 10-year mortgage amortized over 20 years - the best terms yet! But after I submitted yet another loan application, I found out they will only lend based on what we originally paid for the properties back during the recession, not the current appraised value. Even after several years of seasoning! Obviously, that's not going to work.
I'm really getting tired of this. I'm wondering if my partner and I should just split up the assets into our personal names and see if we can get investment loans that way. It seems like other investors are easily getting loan after loan on properties they own personally. Is that the way to go? Any advice would be appreciated.
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![Matthew B.'s profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/158817/1621420151-avatar-manateehunter.jpg?twic=v1/output=image/cover=128x128&v=2)
Sean Andersen yes, and I've been to almost 30 different small portfolio lenders with no luck. Community banks, small credit unions, etc. there's always an issue. The worst is when they say they can do it no problem, and then I find out after submitting the loan app.