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Updated almost 9 years ago on . Most recent reply

User Stats

88
Posts
36
Votes
Aaron K.
  • Fishkill, NY
36
Votes |
88
Posts

Temporary loan for one week - transactional funding appropriate?

Aaron K.
  • Fishkill, NY
Posted

I'm anticipating on making a cash offer on a small office building in my area, which means that I'll need to submit a proof of funds letter with my offer. The cash will partly come from the sale of another property that I'm closing on in one week. So I'm in a situation where I'd like to get this property into contract ASAP, but can't write my own POF for another week. I know that transactional lending is usually used for a double-close during a wholesaling deal, but I'm wondering if they'll do something similar for this situation. I essentially need a bridge loan or a temporary POF to hold me over for one week. Any ideas?

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