Change cash purchase to mortgage purchase

[Marc Velasco]

My wife and I live in California, but plan to retire in Florida within the next 10 years. We've created an LLC to use for our real estate investments. Finally, after 2 years of research and making offers, we decided on a new build in Kissimme, FL.

We are in contract ($2,500 down) to purchase a townhouse in complex that is still being build out. The project was originally scheduled for completion early January, but due to builder delays is now in the final stages (mid-April).

California was early to shut down and after a month in quarantine with no definite re-open date, and my current business down 30%, I’m reconsidering my original all cash offer.

I told the realitor I would either like a 90 days extension, be able to place a mortgage on the property or I would need to back out of the deal. I'm having trouble locating a lender that would loan money under the LLC. The property is approx. $236k.

Any suggestions?

Thank you,

Marc

[Marc Velasco]

@Carmichael Lewis

Thanks Lewis! I still have some reserves after funding the entire loan, like you said I just want to have cash on hand, especially if the housing market dips. I want to use my cash to get into the next deal!