Updated almost 5 years ago on . Most recent reply
Any tips on some form of delayed financing even if I used a gift
I bought a multifamily property last October in cash using 50% from me and my dad lended me the other 50% on an interest free loan. Its a long story why that ended up happening but my plan was to do a delayed mortgage once I renovated and rented and pay back my dad with that and continue to purchase more properties. I just spoke with my mortgage broker who mentioned he didn't think I would be able to do delayed financing since this constitutes as a gift from my dad. I was wondering if anyone had any advice on this situation in terms of finding a specific lender who would be willing to lend to me in some form of a delayed mortgage (if this is even still possible). I am worried that im in a situation that the only option I have is to sell, get my money back plus a slight return, and then start the process over buying a new one.