Community Bank or Big Bank? 

The only thing the bank required is that I had a checking account with direct deposit setup into their account. 

Title is not yet in our name so when our balloon is due the bank will treat it as a purchase and they won’t treat it as a refi.

Local Banks & Credit UnionsSmaller banks and credit unions are more flexible than big lenders and might approve you with:✔ A detailed project plan✔ A licensed subcontractor network✔ Proof of rental income history (since you own rentals)4.

Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont? 

This can help your bank be able to qualify more income.

I want to do a bank statement loan(I'm an independent contractor)with just me on the new loan in Texas .

Frame it like this: "in order to make sure you get paid on time I want to have a schedule of when the draw inspections should happen with the bank"Then, you have a schedule to keep an eye on and if they're slipping, you can ask them why and see how you can help them get back on track. 

When it comes to the HELOC - I'd reach out to any lenders / institutions you have an existing banking relationship with.

I am not able to determine your purpose in posting this, since you did not also offer solutions for the seller or for the investor.The situation does not unfold when the homeowner receives a solicitation, as the article mentions...it begins when they are late paying their obligation to their lender.There is a timeline to a bank beginning foreclosure.