Do you have experience using a private money lender for foreclosure auctions?

[Chris King]

I am wanting to purchase properties to flip at foreclosure auctions in my area. I have spoken to PML that fund flips and they aren’t sure how to lend for auctions. The issue is funds are due immediately after winning the auction in the form of a cashiers check. The auction price can vary, but I would have a max purchase price for a property beforehand. The deed takes up to 30 days to receive from the trustee. So no lien can be recorded until the deed is received. Anyone have experience with PML for auctions? 

[John Bowens]

I have done Private Money Loans on auctions in the past. I should preface this with, this is not an open door for me to loan, I do not offer my private money loans through this forum. I used my Self-Directed Retirement Accounts to loan on several sheriff sale auction properties in the past. I had  my borrower sign the promissory note and mortgage and then I went to the county recorder to record the mortgage. Likely best to have a real estate attorney handle this all for the private lender, unless they have experience or can navigate that process themselves. The attorney can assist with drafting the documents and recording the mortgage/deed of trust. 

Some private lenders are not willing to loan on auction properties, given the additional nuances and potential risk.