Surplus would go to the HOA and if there was still additional funds it would go back to the owner/borrower. 

We financed the purchase through a local and trusted HML and partner, now friend and business associate, Mike, funded the bulk of the rehab.

We financed the purchase through a local and trusted HML and partner, now friend and business associate, Mike, funded the bulk of the rehab.

Details below...We need a FAST cash-out loan product that requires only the personal guarantee of my business partner (60% ownership) to be used for: completing the remaining rehab and getting the 1st house rent ready, paying off revolving credit accounts to get her credit score up, and funding the other projects we have in the works.To help bring you up to speed on what's transpired over the 11 weeks we've been in business...We started our business on Dec 1, 2023, leveraged our "then" good credit/high w2 incomes to bootstrap the startup, assembled a rehab team, and are now about 2 weeks out from the completion of our 1st rehabbed property.We've closed on 3 properties, all owned free/clear, and have paid for renovations with personal funds/credit.My credit score was 810, but is now 592, due to excessive debt but 100% on-time payments, therefore can't personally guarantee a loan.My business partner's score is currently in the 700s, but likely wont be for long, due to her revolving credit % continuously increasing, as we push towards the completion of the first rehab utilizing her remaining credit on her CCs.Recently, I started researching the underwriting timeline for DSCR loans. 

Despite the possibility of higher interest rates, they can have more accommodating qualifying requirements.If you currently own homes with a sizable amount of equity, you may be able to get funds for your down payment through a cash-out refinancing or a home equity line of credit (HELOC).

Mostly because landlords have more power and freedom to raise rents and get rid of bad tenants much unlike Ontario.

PCB is a much better fit in my opinion due to higher volume, more commercial, easy access to airport and St Joe the biggest hedge fund in our area investing 100s of millions of dollars.

But recently he started a new program a "pre-protege" training program where he focuses on wholesaling commercial property as a way to raise cash on eventual full on purchasing of commercial properties.

Ask for a raise or move jobs to one that will pay more.2.

So get a service that will make sure that there are enough funds to be transferred to paying for the seller's mortgage.