It is a first position note for 12 months to a borrower who paid 6 months of interest in advance.

Someone earlier put up a link to the FHA rules so maybe they will stop by and post again.

Maybe he is saying that so you are aware of it so some point he may say he has a prescriptive easement and you didn’t stop him from using it?

It is ideally suited for fix and flips and BRRRR where you can take advantage of cycling the money without having to ask someone to borrow it.

We don't necessarily want to stop at one property so even if we find a property we will still be looking for another and putting in offers and having to do that credit check every 60 days.

Then when someone replies back to them asking to stop being contacted, they will post here being all amused/confused as to why anyone thinks they are scammy pests. 

Or the dude who shows up once a week (if you're lucky), pushes a broom around for an hour and leaves.Anybody bidding a construction job by the week should go back to W-2 work and stop trying to run their own business. 

The 3rd party fee's can also be very high for CMBS (mostly because of borrower counsel) - Well's has a capped program at $25k which is low compared the industry standard of a $30k-$50k deposit.

Those companies often advertise larger amounts of LOC available but are more often limited to newer borrowers. 

Use an RMLO to check out the borrower.