Financing about fall through

[Andre Fierro]

Hey guys so I been working with a bank officer for about 1 month now things are moving slow due to this whole covid situation.

Bank officer initially told me if shouldn’t be a problem using my partners money for the down payment. I’m the one with the good credit his credit is not the best but it’s not the worst either his maybe in the low 600’s so we didn’t use him on the loan but I need him for the down payment which is 25%.

Underwriting declined using him and my loan guy is telling me I can have my partner deposit the money in my account and season it for 60 days before I can use those funds. To be honest I don’t feel comfortable doing that and do not want to have to pay taxes on that money either.

Is this really only option I have to use my partners funds on this deal ? Other option they gave me is open a joint account with him but I believe my partner doesn’t want to go this route because he is going to file for bankruptcy soon.

Any advice is greatly appreciate guys.

I was really looking forward to this deal and it would have been my 1 st investment property. The numbers are great with a ROI of 20.43% and a monthly cash flow of about 1150 a month.

Getting discouraged all my attempts are falling through but hey number one rule is never get emotional ! But still ☹️