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Updated almost 6 years ago on . Most recent reply
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Seasoning funds with conventional investment loan
Hi there - I have completed my first two deals, which are going better than anticipated, and am trying to keep carrying this momentum. I had a discussion with my lender yesterday about preparing my finances so that I can jump at an opportunity if it chooses to present itself. I was asked what funds I had available and I mentioned around $75k (which does not go far at 25% down). I have access to funds through friends and family that I fully intend to leverage; only problem is that I informed that large deposits would need to sit in my account for 60 days to season and for the bank to permit use of the funds for underwriting. Any advice to circumvent this? It is had to foresee when the next purchase will be and I would like to avoid paying interest on idle cash.
Thanks!