HML for Wholesaled Deal

[Lesley J.]

I have not had any problems with HML's until I ran accross this.

The property has a formally appraised ARV of 170K, loan needed 55% of ARV (this includes all repairs). the HML's in the area will not fund because the property is being purchased from a wholesaler who will not be taking title.

HML's have demanded to see copies of the wholesalers contract.

Reasons given: our business model does not allow us to fund this type of deal.

This reason is given by multiple HML's not just one.

I'd appreciate any comments, solutions workarounds etc:..


Lesley