Need to move mortgage from personal to LLC

[Doug Kolb]

Hello,

I own a single family rental home in Memphis. i bought it and financed under my name not knowing any better (in 2015). Looking now to put it under an LLC (which I have already), but my current mortgage holder "doesn't do LLC's" so I'm looking for recommendations for investor minded mortgages.

The property is in Memphis and I live in Madison, WI, and i'm currently on military active duty (and I have Veteran status) if that helps.  I've read so many different options, really looking to clarify my options. 

Thanks in advance. 

[Tony Gunter]

To my knowledge you will have to refinance the property into a commercial loan to hold it in your LLC. That might be with same lender's commercial loan department or another bank's commercial department. It will not be a 30yr fixed rate deal though. Typical residential loans must conform to Fannie/Freddie guidelines, unless the bank holds the loan themselves. Fannie/Freddie guidelines will not allow loans to close in the name of an LLC.