Proof of Funds for Investment

[Chris Mackinlay]

Hello. Looking at purchasing my first investment property that's not a house hack.

Met with the realtor and viewed the property. There is 0% chance of getting a mortgage on it due to condition.

I am struggling with the proof of funds. I will need to borrow the cash to make the transaction happen.

I have a friend who is willing to take out a small business loan to fund the purchase.

I'm not sure how this would qualify as proof of funds to the seller.

Option 2 would be to get a pre-approval letter of sorts from a local credit union. Would such a letter qualify as proof of funding for this purchase. To be clear, there will be no mortgage, just this loan.

I'm trying to get an offer on the table Monday morning.

Thanks!