I need some "Delayed Financing" clarity

[John Hamilton]

Back Story: I purchased a property for $50,000 cash with a partner two months ago. We looked at doing a cash-out refi and had the property appraised in the process by the bank. Appraisal came back at $118K. In this process we would have to wait 6 months. We want our money NOW haha

We are exploring the Delayed financing option now to get our money back and do some work to the property. I am extremely unclear on the way it is written on the terms in which we can get our money back. It says:

-You can get up to the purchase price back through the DF option 

But, also say, 

-You can receive up to 70% LTV (Triplex)

Has anyone done this kind of loan AFTER the fact? I am currently doing the DF option on a SFH I close on next week, but we are billing the closing statement for construction costs. Which falls in line with the PP eligibility.

Any info will help! 

Happy Investing!!

[John Hamilton]

@Trevor Aydelott You have to get an “Invoice” from your contractor and send it to your attorney before closing to be added to and payed at closing. It has to be an invoice and not a quote though!