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Updated over 4 years ago on . Most recent reply

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Andrew Freed
  • Investor
  • Worcester, MA
1,391
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Financing for a Great Bank Owned Property - What are my options?

Andrew Freed
  • Investor
  • Worcester, MA
Posted

I found a very attractive bank owned property that will go up for auction in a few days. I am planning on utilizing the BRRR strategy with holding it in mind for continuous cash flow once I refinance / pay the creditors. In reviewing the opportunity, it advises "cash-only", no hard money loans or a home line of credit. I have the money for the deposit, however I need to show proof of the funds within 2 business days of the purchase. Is my only option finding a "private lender"? Can anyone think of any other financing options or have done this before? I just don't want to pass up this great deal or at least trying to go for it!

FYI - I do have about $230K or 61% equity in my current residence and about $50K of liquid assets so the funds are not an issue, the timing is though.  I need about $150K in financing immediately for this opportunity. 

Thank you for the advise!

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