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Updated over 5 years ago on .

User Stats

7
Posts
6
Votes
Cam Harris
  • Specialist
  • Baltimore, MD
6
Votes |
7
Posts

Possible to get 100% private financing on a foreclosure auction?

Cam Harris
  • Specialist
  • Baltimore, MD
Posted

I’ll try to keep it short...

This would be my first deal so no current assets to leverage. There’s a condo unit in a high demand area that’s up for bank owned foreclosure auction and will go for way below value.

Estimated auction purchase price of $135K. No deferred maintenance, but with some minor cosmetic upgrades (paint, hard wood, dishwasher installation) the unit would easily go for at least $195K or rent for $1500/mo.

Because the property is already in good condition, the turnaround time would be less than 12 months.

My question: is it even possible to find a private lender that would finance the full auction purchase price given the abundance of upside, minimal risk and quick turnaround? If not, how could this creatively be financed to prevent putting money down?