Posted by Zach on July 27, 2006 at 20:35:15:
There are no doc programs out there to 90% if this is owner build…sent you an email.
Securing Investor Funds - Posted by Chris
Posted by Chris on July 26, 2006 at 18:31:13:
Hey All,
So I’m getting a 90% LTV construction loan that requires $65k in cash reserves.
I’ve got a private investor willing to put up the funds until the loan goes through
but the problem is in securing his $65k.
I need the funds unrestricted in my account (seasoned 2 months for the lender).
I’ve heard of “Irrevocable letters of credit” against the funds or of somehow
using bonds to secure the funds but I’m not familiar with either method.
Does anyone one have any info on either of those and/or other suggestions on
how to accomplish the security for my investor?!?