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Updated about 8 years ago on . Most recent reply

User Stats

11
Posts
4
Votes
Nadav Akselrad
  • Investor
  • Atlanta, GA
4
Votes |
11
Posts

Financing two deals signed on same day

Nadav Akselrad
  • Investor
  • Atlanta, GA
Posted

Hi, 

I am under contract on two properties. Both are SFR townhouses in the Atlanta area.

Here is my situation:

I am approved to take two conventional mortgages (20% down payment on each which equals to 25K including closing costs for each deal)

I have 25 K available for a down payment for the first house - All clear!.

I will have an additional 25K coming in a week after closing of the second house (coming in a week too late).

How can I bridge this gap ? 

According to my loan officer, I cant use a gift to buy an investment property , nor can I use a loan for the down payment on an investment property, even if I am expected to pay back the loan a week or two after closing.

How would you finance the second deal? 

Thanks!

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