Help. Mortgage says LLC is a no-no!

[John G.]

Hi all, I'm purchasing my first property (Milwaukee) and asked my mortgage broker (Chemical Bank) about transferring the deed after the loan is secured. He said I can't do that. And that I'll need commercial lending. Is this something he HAS to say because I emailed him? And I can likely do it and he'll turn the other cheek? Or should I not have asked that? What do I do??? It's a $90 investment. Putting 20% down. Thanks!

[Brie Schmidt]

@John G. - Any residential loan has to be to a person, not a LLC. If you want the LLC to hold title it needs to be a commercial loan. You can always transfer it after, but be aware that is still not allowed and if they find out they can use the due of sale clause of your loan to demand the balance due in 30 days. Usually if you transfer it back they will let it go