Investor · Beltsville, MD · Member since 2015 · 13 posts · 1 vote
Ok, here is a scenario. I placed a big for a property on Homesearch.com a week ago and didn't win. Today I got a call from there that the highest bidder back down and if I still have interest in the property to call them before end of business tomorrow. But the issue is that the financing is cash only and the property still occupied by current owner / tenant. So I know that i will need to go thru the eviction process to gain possession of the property. But I already use some of the money I have allocated for this in another project. Do you know if a Hard Money Lender will finance a situation like this ?
My final price will be 51K and most of the property in the area / comps are going for 85K thru 110K.
Hard money lenders generally prohibit the borrower occupying the property. That's because a loan for an owner occupied property is subject to a lot more regulation than commercial loans.
Sorry for the typo. Yes I understand that part. However as an investor can I get a loan from a HML to complete the closing on a property that I won at auction where the previous owner still in the property ?