Borrow from Hard money (70%) to offer 100% Cash

[Kevin Kim]

Hello 

I would like to check if it is good strategy to borrow 70% of offer price form hard money (30%: I have cash) so I can offer like 100% cash offer. Once it is closed, I will refinance with 30yr mortgage. Is my understanding ok? Any pros/cons? Obviously, I need to refinancing and will need to go through the same process again but I think this will give more chance to win the multiple offers. Appreciate any feedback.

[Jay Hinrichs]

using hard money is not cash purchase its still subject to the HML financing the deal.

I know when I get proof of funds from HML especially some one off I never heard of I wont rely on it .. many times the buyer has been hood winked by a fake lender .. and the letter is useless.. I just had one that cost the borrower his EM . because the HML was a fake and gave a fake pre qual letter. wE kept the EM