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Updated about 6 years ago on . Most recent reply

Tyler McDaniel's profile image
Tyler McDaniel's profile image
Tyler McDaniel
  • Flipper/Rehabber
  • from Tampa, FL
  • Member since Jun 10, 2015
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Tyler McDaniel's profile image
Tyler McDaniel's profile image
Tyler McDaniel
  • Flipper/Rehabber
  • from Tampa, FL
  • Member since Jun 10, 2015
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Tyler McDaniel
  • Flipper/Rehabber
  • Tampa, FL
4
Votes |
19
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Mortgage Brokers & Lenders

Hard Money for Purchase Only?

Tyler McDaniel
  • Flipper/Rehabber
  • Tampa, FL
Posted
Has anyone used a HML for the purchase only? I would rather pay for the rehab with my business lines of credit to save money. How would this affect the reserves they want me to have? Thanks in advance! Tyler
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Bob Green's profile image
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Bob Green
  • Lender
  • from Mokena, IL
  • Member since Oct 20, 2014
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Bob Green
  • Lender
  • from Mokena, IL
  • Member since Oct 20, 2014
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Bob Green
  • Lender
  • Mokena, IL
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Bob Green
  • Lender
  • Mokena, IL
Replied

Hello Tyler,

Most HMLs will want to see POF for the rehab portion if you want to pay for rehab on your own. Its not very likely they will accept business lines of credit as reserves either because its unsecured credit.

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