If I am considering taking out a loan for an S Corporation that will be under my name (I will be the guarantor of the loan) but will eventually be transferred to the corporation can this be done without any legal consequences in the event of loan default? The thing is that I have never been a part of the corporation before, its my friend's business and he is experiencing some financial difficulty so he will like to take out a loan (with me as a guarantor since I have perfect credit) of about $300,000 to invest in the business and have the corporation's Assets as backup (the corporation has well over $1,000,000 in assets) The idea is to take the loan out under my name and in about three months have it transferred solely to the corporation and remove myself as a guarantor of the debt. The question is if doing this is possible and if he was to default in the loan will my credit score be affected in any way? Basically will I be liable in for the debt after it is transferred to the S corporation?

Yes, in fact you can't really transfer it, unless the lender allows it. You can give them the money, you can co-sign for the money and so on.
If you are the guarantor of the loan you will owe the money if they don't pay.

So it basically depends on the lender, if the lender allows this there would be no legal consequences to me if any future default occurs?