I’m trying to set up an LLC for an investment property in Austin however I was just told by my lender, wells Fargo that the investor in my loan (Freddie Mac) is not allowing this and that I should seek legal counseling to do this. Do you know how do you deal with this kind of situation now?
thanks!
Is this a property you already own and you’re trying to move it from your personal name to an LLC? I had a Wells Fargo business checking accoutn for a short time. They had no problems lending to an LLC for Real Estate under their BREF loans.
The attorney who is setting up the LLC should be able to advise you. If this is a DIY activity, forget the LLC. You have a slim chance of actually needing it.
I have it on my name and trying to move it into an LLC
Do a search on here for the “due on sale clause.” That may help describe why your lender is saying this.
You also have fraudulent transfer concerns.