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Updated over 3 years ago on . Most recent reply

Danny Smith's profile image
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Danny Smith
  • Rental Property Investor
  • from Far Rockaway, NY
  • Member since Aug 11, 2020
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Danny Smith's profile image
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Danny Smith
  • Rental Property Investor
  • from Far Rockaway, NY
  • Member since Aug 11, 2020
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Danny Smith
  • Rental Property Investor
  • Far Rockaway, NY
16
Votes |
22
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Mortgage Brokers & Lenders

Proof of funds for hard money

Danny Smith
  • Rental Property Investor
  • Far Rockaway, NY
Posted

Hello BP I'm looking to purchase my first brrrr in Delco, Pa and I'm looking to go the hard money route. (I don't qualify for regular loan)

I saved up 50k (the amount recommended to me buy lenders) but I only have 16k in my bank. I also have 10k in cash and the rest (25k) is in brokerage accounts. How would I go about showing the lenders I have the proof of funds.

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Brandon Plombon
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  • from Minneapolis, MN
  • Member since Jan 24, 2017
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Brandon Plombon
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  • from Minneapolis, MN
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Brandon Plombon
  • Banker
  • Minneapolis, MN
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Brandon Plombon
  • Banker
  • Minneapolis, MN
Replied

Put it all into one bank account and use that bank account's statement as POF.

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