All Forum Posts by: Mitchell Morgan

Thanks for the responses. Does anyone know any insurance companies that would issue insurance contingent on replacing the roof within 30days? I have a reasonable quote/estimate from a GC and can have it installed within two weeks at present. Ive been speaking with several Ins cos and haven't found any so far.

The situation is I'm trying to purchase a property with conventional financing. The issue is the roof is in rough shape and 19 years old so I haven't had luck finding an insurance company to insure the home so that the loan can close. So, Im trying to get creative. Is there a recommended way that I can front the roof repair money and still remain protected? Hypothetical scenario being: I place funds in a repair credit escrow, seller hires my contractor of choice for the job, repair credit gets released to seller to pay contractor, insurance now approves a policy for the house, and we close. Does this make sense or sound somewhat realistic? Input or new ideas are welcome!

Yes of course, thanks for looking out @Chris Seveney. If anyone has a recommendation or a contact for a lender with little to 1 day seasoning, I'd really appreciate the info. 

@Alex Bekeza. Thanks for your response. I did speak to a lender who offered the 90 day option. Can you elaborate or give an example with simple figures regarding what you said about basing their leverage on a % of the purchase price? Thank you.

Hi, I'm looking for lenders with options to refi out of a hard money loan with only one day of being on title.