Creative Financing Owner-Occupied

[Robert Reardon]

Hi guys,

I have a friend who is pre-qualified up to $150,000 to buy his first home. He's bid on 4 properties so far and each time the seller went with a cash buyer. 

Are there any lenders who offer bridge financing for this type of scenario? He'd like to come to the table with an all cash offer, and will provide a lender with all the documentation and a first position until he can refinance with the bank.

Any thoughts?

Thanks,

Robert

[Upen Patel]

@Robert Reardon Has your friend looked into getting a fully approved mortgage loan? In this scenario, he would go through the full underwriting process with the property address as TBD. Once he is approved, the only contingency is that the property appraises at or above the loan LTV requirements. This is as good as cash, because the seller know that he is already approved.

Upen Patel