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Updated almost 8 years ago,
Financing two deals signed on same day
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!