I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?

I'm selling my Corporation. The Corporation owns some 4-plexes in Louisiana. There is a mortgage attached to these 4-Plexes. How would I go about getting the new owners of the Corporation to take on the loan? I need to remove myself from the mortgage note. Will the Lender allow this?





Myself and several others in the Corporation signed the note but we now will not own the Corporation. how do I get this switched over to the new owners of the Corporaton?I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
If you all personally signed off on the loan, the new owners will have to be approved by the lender in order to release you from the loan, but the lender is not just going to personally release you even if you sell the corp.I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
It sounds like the deed is in the name of the corp. Since ';several others'; signed the note, it makes me think that you all were offering personal guarantees (if the loan was to the corp solely, maybe only one officer would have had to sign).





At a minimum, the lender is going to want to qualify the new owners to make sure they are at least as creditworthy as you guys are, because they are going to want their personal guarantees in exchange.





I would contact the lender and tell them you are ';considering'; a sale of the corporation, and what are their practices and procedures in this regard to transferring the note obligation to the new shareholders. I'm sure they've had this happen before and have guidelnes for this, but the first person you talk to there is probably not going to know. Persevere.
Nope.





You have to take it out of the corporation's name before you can get them to buy it, then put it back in the name of the LLC if you want to avoid a commercial loan.





The paperwork is simple..it's done all day, every day, and it can all be filed at once at the same closing...all it is, is the order in which the documents are recorded.





It's the SAME process you used when you purchased the property....just in reverse.





Any closing attorney should be able to handle the transaction...do not use a title company.





The reason is that mortgage companies loan to individuals, not companies...an LLC is a legal entity, not a person.
You shouldn't be on the mortgage note, the company should. If you bought the property and you're name is on it, you're proper f**ked
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