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Updated about 6 years ago,

User Stats

11
Posts
17
Votes
Stephen Thomas
  • Rental Property Investor
  • Honolulu, Hi
17
Votes |
11
Posts

$700 to transfer loan to LLC

Stephen Thomas
  • Rental Property Investor
  • Honolulu, Hi
Posted

I closed on a property about 2 months ago and the loan and title are in my name. I am renting the property as an Airbnb so I created an LLC and all the income is going to the LLC bank account currently. I would like to transfer the property to the LLC and the bank is saying there will be a $700 fee with the bank to allow this transfer of title. I know I could risk it and see if the bank acts on the "due on sale" clause, that is not the question.

Does this type of fee seem reasonable or negotiable? Especially after paying them plenty of fees to close the loan in my name just weeks ago?

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