How I can get finance for a house that I won at auction , occupied by previous owner
Ok, Here is the scenario.
I went thru Homesearch.com and placed a bid for a property currently occupied. I didn't win the auction at first but then after a week and half past, I got contacted by homesearch.com that I was the second highest bidder and if I'm still interesting in the property because the highest bidder backed out... The answer is yes to that question however the partner that I was counting on provide a good portion of the financing used the money on another project since we were under the impression that we lost the auction.
So the question is, Will a Hard money lender be able to provide funding in a case like this ? The price that I'm paying for the property is way under the 65% LTV ratio versus the comps in the area. the only sticking point is that I will need to start the eviction process once I close but need the funding in order to do that.. they will provide a special deed warranty
Any ideas if a HML can take in a situation like this ?