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Updated about 6 years ago, 09/20/2018
Using private money without 2 month seasoning of funds?
A private lender and I are going 50/50 on a down payment, I have cash & my private money partner is using HELOC funds and I am wondering how we can legally go about using our cash ASAP without a 2 month seasoning of funds. We would eventually start an LLC before we close on a property. I know through traditional loans the banks like to see a seasoning of funds for 2 months but I would like to be able to offer on properties as I am already pre approved just need help with the additional amount needed. What are my options here? I would hate to sit around to let the seasoning set, I am seeing deals that would make sense and they go to pending because I don't have the entire amount. I know I can have a contingency for financing depending how motivated the seller is but I would like to know what I can do in this situation. I ordered the raising private capitol book bigger pockets just released but wanted to ask the BP community