Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
6y
@Abraham Gin
No it doesn’t matter where the money comes from in a delayed financing deal as long as the lender accepts the transaction as a delayed finance.
I love my local bank, I use them for all my loans and accounts. Few things, your local bank has better terms and flexibility if they keep their loans in house. If you build a relationship with them, you’ll get cut in on better rates and terms. They tend to be more understanding if you run into a financial situation.
Investor · Durham NC (and Brenham, TX) · Member since 2018 · 302 posts · 197 votes
6y
Hi @Abraham Gin, the big thing with delayed financing is that you must have purchased the property with YOUR cash, can include a HELOC but not e.g. a hard money loan. I imagine that you'll find both local and other / national lenders that will do it for you if you meet the criteria, but as @Nick Rutkowski said there are lots of advantages to developing a relationship with a local lender. If you're looking for local recommendations, you should add your city / state or post in a local form so others in your area can see your post.