Quit-claiming deed into an LLC? My mortgage broker says NOPE!

[John G.]

Hi all,

Posted this in the conventional lending forum but thought it be appropriate here as well. 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!

[Paul Bowers]

@John G., not trying to sound like a jerk but you seem hell bent on getting someone to tell you it's okay and just go ahead and do it.  You got a dozen answers in this thread https://www.biggerpockets.com/forums/49/topics/468...

There is only one answer.  If you do it the bank has the right to call the loan based on the due on sale clause, period.  There is no way to know whether they will or not, you just have to decide if you're willing to take that risk.