Current Conventional Vs Portfolio/Commercial Loan Rates...

[Nick Macklin]

Just wondering if anyone that has done some financing in an LLC recently can talk on the rates they got. I would like to purchase and refinance in an LLC vice putting it in my name and quit claiming over to the LLC after refi (since it either defeats the protections of an LLC or as I understand it can be tricky if you get audited by the IRS). I got one quote from a non-institutional lender and he said 8% for a 30 year fixed..... That seems high.

Any thoughts are welcome since I'm fairly unfamiliar with the proper accounting of a quit claim to an LLC and commercial lending. Mainly I'm confused about: When you quit claim it from a name to an LLC it is neither a contribution or a loan so how is it properly accounted for? And, how do you still get the tax benefits of depreciation and so forth if it was purchased in your name (or multiple in this case) and quit claimed to the same people's LLC?