Proof of funds with business partner

[Gabriel Santin]

Hi all,

My business partner and I are looking to flip a property in Savannah, GA. This would be our first flip together, splitting cost and profit 50/50 with a hard money loan for what we cannot make up on our own. We are wondering how to go about showing proof of funds if the deal ends up being an on-market deal.

Any advice would be helpful. Thank you!

[Nicholas L.]

@Gabriel Santin

not sure i follow the question. to show proof of funds... you show proof of funds. so if you're taking out an HML you'd get proof of funds from the HML.

[Chris Seveney]

@Gabriel Santin

You can get preapproval from a hard money lender for an on market property. Of course they will give you a loan but not 100% financing

[Audrey Scott]

Explore the possibility of seller financing, where the seller provides financing for a portion of the purchase price.

[Vivienne Affat]

Quote from @Gabriel Santin:

Hi all,

My business partner and I are looking to flip a property in Savannah, GA. This would be our first flip together, splitting cost and profit 50/50 with a hard money loan for what we cannot make up on our own. We are wondering how to go about showing proof of funds if the deal ends up being an on-market deal.

Any advice would be helpful. Thank you!

You can provide recent bank statements that display your available cash. If you’re using a hard money loan, ask your lender for a pre-approval letter to include as well. You can combine both sources in one document to strengthen your proof.

[Peter Mckernan]

You can get an approval from the HML and get that to show the agent.. Sometimes if that is an approval verse a bank account showing $500K for example, the agent on the list side may need a little education on what you are looking to do, I always have the lender call the agent in this situation to get them on board to get the listing agent more on board.