Delayed financing workaround

[Thomas Moran]

Hey BP -

Thanks in advance for the collective wisdom. I did some basic searching on the forums and couldn't find an answer to this question: If you are a cash buyer, trying to qualify for delayed financing to circumvent the 6-month seasoning on a cash-out refi, does it have to be sourced to your W2 or some other personal income channel?

Reason I ask is I have a buddy of mine who is more than willing to charge me a couple points for 2-3 months on his money so I can be a "cash buyer", but I figured it might look off if they audit your bank statement and a 200k sum just randomly appears. Anybody have experience with this?

Thanks

Tom

[Andrew Postell]

@Thomas Moran ah, let me clarify some, by filing a lien you AVOID delayed financing entirely.  Delayed Financing is a restriction.  Not a benefit.  The MOST you can get back with delayed financing is 75%....filing a lien, you can borrow 85% (or pay back your lender this much).  I wrote a post pretty close to this subject for Bigger Pockets you can find HERE. That post is about doing it if it's your own money but the concept is the same. Just substitute "LLC" for "Friend" and you can use the same method to your advantage. Feel free to ask anything additional if you need. Thanks!