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Updated over 5 years ago,
Do You Need to "Season" a Retitled Loan??
I own 3 properties outright in my LLC but am thinking of borrowing against one or more to make new purchases. My bank says I need to pull the property(ies) out and retitle in my name but then I'll need to wait 6 months to "season" the title that's now in my name before I can borrow against it. This seems nuts to me. It's my property, owned in full. If I'm the sole owner of the LLC, why would it need to be "seasoned"? Anyone else have thoughts on this?