Moving properties to an LLC to avoid hitting property limit

[Tarik N.]

Hello, I have 6 investment properties overall and am having difficulty obtaining a-line of credit on one of them because of the banks’ limit on how many rental properties you can have to lend to you. I am in the process of moving them to an LLC, but I also want to NOT appear on m credit report. Do I have to refi under the LLC? Would that work in making them “disappear” from my credit report? Thanks, Tarik

[Cara Lonsdale]

Who owns them has nothing to do with your loan count with the lender.

You could transfer them into an LLC and STILL be limited in your ability to get a loan because the loan is still in your name.

The only way to get rid of the loan would be to pay it off, consolidate loans to 1 property to lower your limit, or get a commercial loan in the business' name.  Otherwise, you should be able to go up to 10 loans through conventional methods.