Transfer property to LLC to obtain hard money loan?

[Harold Rutila]

Hello BP Community,

I purchased a vacant home as an investment property in cash last fall. The acquisition cost was $75,000. The ARV is roughly $220,000. I have located a great contractor to do an exterior renovation but am likely going to need a hard money loan to fund it. The exterior renovation will be roughly $50,000.

As of now, the property is in my name. I understand hard money lenders will typically only lend to LLCs. I have an LLC already set up and could transfer the property into the LLC in order to take advantage of this. Can someone who has done a transfer into an LLC for the purpose of accessing hard money verify if this is a good way to proceed?

Thank you!