Private Lending proof of funds

[Charles Sterling]

I'm lending money from my SDIRA for someone to buy a Fannie Mae foreclosure property.

I attempted to give them a screenshot of my SIDRA account with a letter stating that I am loaning the funds for the full purchase price.

She was told that that was not good enough, they wanted proof of funds in her name.

I'm not giving her the funds prior to closing, so we re-submitted the P&S with my SIDRA or assigns as the purchaser.

Nope, they wont accept an "or assigns" contract.

So we put me and her on the P&S and I plan on signing a quit claim at closing so she will be the only one purchasing the property.

I'm curious how other investors normally handle this situation.  The seller is being a real pain in the neck and they are blaming it on Fannie Mae rules.