Proof of Funds? huhhh?

[Jehu Matthews]

Looking for some guidance from experienced investors.

Hey everyone I have an accepted creative offer on a triplex in Winston-Salem, NC and need to provide proof of funds by Monday. I am a newbie and have never heard of POF untill now!

Offer structure:
• Contract Price: $445,000
• $385,000 cash at closing
• $2,000 Due Diligence
• Seller financing: $60,000
• 7% interest
• 30-year amortization
• 24-month balloon
• Promissory note
• Seller to contribute up to $5,000 toward closing costs

I'm exploring private capital to fund the $385,000 needed at closing. For those who have structured deals like this:

1. How do I provide proof of funds by monday
2. What's the best way to raise the capital on a tight timeline?
3. Would hard money make sense here, or would you avoid it?

I'm open to advice, introductions, or potential partners. Thanks in advance!

[Stuart Udis]

Is seller financing supposed to be second position? If so, you turn over a loan pre-approval or lender relationship lender indicating confidence in funding the loan aware of the seller financed second or alternatively show a bank statement with money in your bank account. Anything else is fraud.

Very curious what information/education you relied upon before entering into this agreement?