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User Stats

40
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0
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Andrew Alexander
  • Real Estate Investor
  • Kalamazoo, MI
0
Votes |
40
Posts

Proof of Funds

Andrew Alexander
  • Real Estate Investor
  • Kalamazoo, MI
Posted

I am trying to get into preforeclosure/short sales investing but I don't have a big enough bank account to use as a "proof of funds" (usually one includes a proof of funds in his short sales packet that is submitted to lenders).

Does anyone have any suggestions as to fix this? I am looking to line up some private lenders and/or hard money lenders to fund my deals but it seems as if I'm in the midst of a catch 22. Correct me if I'm wrong but I need a deal worked out with the bank already in order to get a private or hard money lender to finance it. For proof of funds through a hard money or private lender I already need to have the funds secured... So it seems as if I need funding to get the deal and to get funding I need the deal...
Help?

User Stats

1,067
Posts
84
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Tom C
  • Real Estate Investor
  • Ohio
84
Votes |
1,067
Posts
Tom C
  • Real Estate Investor
  • Ohio
Replied

My HM lender gave me a proof of funds letter with the stipulations spelled out. This is all that is necessary for you to submit your paperwork. If you are going through a bank or broker for the funds, then you get a letter from them.

User Stats

26
Posts
4
Votes
Abdullah Al-mamoon
  • Real Estate Investor
  • alexandria, VA
4
Votes |
26
Posts
Abdullah Al-mamoon
  • Real Estate Investor
  • alexandria, VA
Replied

A lot of HM lenders are requiring a certain credit score. Is there a way around that ?

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User Stats

20
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0
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Replied

You should have no problem getting this from a hard money lender. Best route in my opinion would be to get together a pool of private money lenders that are at your disposal.