Using Lending Tree to finance down payment

[Jay Elvin]

Has anyone used Lending Tree to get financing for a down payment for an investment property? 

I started investing about a year ago and looking to purchase my 3rd property.  I need financing for the 20% down payment.  I set up a Lending Tree profile and got a response from SoFi for 40K at about 6%.  Seems too good to be true. 

Any advice?

Jason

[Grayson Graham]

Whenever I apply for a morgage the underwriters want to see my bank accounts history. Last time there was a recent large deposit which they required a letter of explanation for, they wanted me to prove that I didn't borrow that money from someone else to pay for my downpayment. I think from the banks perspective if you borrow the 20% down payment from someone else then it's just as risky as of they had loaned you 100% themselves. And most banks won't do that. Anyways, my point is that my bank goes through a lot of effort to prevent me from doing what your talking about. I wouldn't lie to one of my team members and I don't suggest that you start lying to your morgage broker either. Good luck!