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Updated over 8 years ago on . Most recent reply

User Stats

130
Posts
17
Votes
Patrick Sears
  • Midlothian, VA
17
Votes |
130
Posts

Multiple P2P loans and permanent financing

Patrick Sears
  • Midlothian, VA
Posted

Hello,

I have been thinking about using P2P loans to make all cash offers on low-priced homes that are available where I live, then use the BRRRR strategy.

My question is though, if I need more than one loan to put together enough money, does getting the first loan reduce my chances of getting the second one from a different P2P lender?  Anyone here ever run into that problem?  

Also, when you go to cashout refinance with a regular bank, does having those P2P loans on your credit report cause the bank to deny your application for permanent financing-even if you promise them your using the money to pay those loans off?

Anyone here run into these issues?

Thanks!

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