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Updated over 1 year ago,
Looking for insight on flip financing. . .
Hi BP.! I'm trying to gain better understanding of how the money works when getting a HML for a flip. At this point, I've configured all the numbers and know that I'm able to get 100% rehab financed after my down payment. My questions here are:
1) how is the money from the loan held, handled and dispersed?
2) How do the GC/subs get the money needed to actually do the job? .
3) How does the seller get payment for the property I've been approved to purchase?
4) Do I have access or am I able to request the funds at some point?
I'd appreciate any advice or direction on how the process works immediately after purchasing the property has been accomplished :)