question for financing wholesaler deal

[Jack Yen]

Hi,

I am wondering if there's other financing options to close wholesaler's deal besides cash? Will bank finance this type of property? I know this particular deal has discount based of the ARV that I calculated. What's a good way to run appraisal against the property?

Thanks

Jack

[Lydia R.]

@Jack Yen Im not sure I understand your question. Are you asking if you can use a bank loan to purchase a deal from a wholesaler? If thats your question then the answer is no, not really. Cash, hard money or private money are usually needed to close a deal offered by a wholesaler. A lot of properties wouldnt qualify for traditional bank financing. You could do a construction loan, but the process is still lengthy and wholesale deals usually have fast approaching closing dates.