Posted by Ed Moore on January 28, 2004 at 24:53:08:
If you can’t find a partner, the other option could be to get a line of credit. They charge you a nominal fee to get started and then only when you use it. Rates are akin to Helocs, but you’ll also have upfront points to pay. Call it two to four depending on the deal you work out with the company. You can google search to find a company that will give you a line.
How to get the 20% deposit auction requirement - Posted by Dawnwillsgen
Posted by Dawnwillsgen on January 27, 2004 at 19:13:32:
I am able to obtain 100% LTV financing.
But I want to buy properties at the auction. The problem is that if you win the bid at the auction, then youy must pay a 20% deposit. And withing 30 days, pay the remainder of the money. I do not have this 20% deposit. I can get the 100% financing within 30 days to pay for the property, but since I do not have the 20% deposit, I do not get to bid, or participate in the auction.
Does anyone have any solution for this ? I was thinking of getting a hardmoney loan for the 20%, and upon a successful bid, obtaining the 100% financing, and then returning the 20% to the HML.
With this, of course, I have to pay huge points, intteret, etc to the HML for essentially keeping their money for 30 days. Or is there a better way ? Any other smart solutions
Anyone please help.
Dawn
Re: How to get the 20% deposit auction requirement - Posted by Daniel Kho
Posted by Daniel Kho on January 31, 2004 at 19:57:11:
Same question as Dawn.