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Updated about 9 hours ago on . Most recent reply
Looking for a flexible lender who can close within 2 weeks
Context: I'll be living with my parents as I look to finance an investment property. Currently working with a big bank who is now requesting documents related to my parent's expenses on their property. While I somewhat understand, I do not want to provide them my parent's information. My parents will not be cosigning and I will not use their house as collateral, so they shouldn't be involved.
I now have 2 weeks to close, but might be able to get an extension. Inspection has been done and appraisal is supposed to happen either Monday or Tuesday. I'm looking for a lender who will solely rely on my own documents and not my parents. I would prefer to include rent income alongside my own if possible. Feel free to reach out if you or someone you know can help.
Most Popular Reply
#4 Innovative Strategies Contributor
- Developer
- Moscow Idaho
This is very strange. How do they even know you live with your parents? That is not a question on a loan app. There has to be more to it than this. How many units is the property? Price of property? How much do you have to put down?
Never use big banks. Use Brokers, credit unions, and community banks. Where do you bank? Try them first. Where did your last loan come from?
You will get hammered if you close in 2 weeks with a hard money lender. It would only be hard money lenders, and even then, it will be hard to get done. There are a ton on on bigger pockets network. Put the deal down with more details and call it hard money lender needed. They will respond. I would push closing and walk if you can't close.
Don't borrow money at 12% just to close a deal. The refi is harder than a buy.