Proof of Funds Requirements

[Jason Boice]

I currently have two private lenders that I work with. I make all cash offers and then obtain the funds from my private lenders to complete the deal. Recently I have been getting Proof of Funds requests from listing agents when making offers. Both of my private lenders lend because they don't want to be involved in the day to day, other than providing the money and collecting their interest payments. However, I find I am constantly asking them for POF info. Anyone deal with this before? Has anyone come up with a way to satisfy the POF requirement without having to constantly go back to your private lenders for bank statements or if they want to remain anonymous, sending it to an attorney who then drafts a POF letter?

[Jay Hinrichs]

Originally posted by @Derek Dombeck:

Feel free to go to our website for POF letters whenever you need 1. I don't currently lend outside of WI, but you can still use my letter. After you get an accepted offer, you have the right to change your lender anyways.
BestREIFunding.com

Personally I don't think this is a good practice to just hand out POF's to anyone who happens upon your site.

Most sharper agents I know wont go for those anyway.. but just saying.. when I had my shop up and running I at least wanted to talk to the borrower and it had to be a market we were working in  along with a borrower I would actually lend money to..  to me this can foul up sellers with not ready for prime time borrowers..  Just my opinion for the FWIW file.. :)