Down payment options

[Tanya Maslach]

Hi all,

We have been dealing with a really bad bank tech-issue in our HELOC application. (We're using it for a downpayment + rehab for an investment property).

The tech issues with the bank have made this a terrible, horrible slog.   Meaning: Instead of the app being submitted in 2 days or so, it's taken weeks. :-(  We are only staying with the bank because the rate is so advantageous and the terms are as well. That means now, it may be 30 days before we see any cash.

Bottom line and the question I have for this group:
1. Should we wait to put in our offer?? 
(the home has been on-market for 90 days.  Is distressed. Has had only 1 offer)
The numbers and the neighborhood stats work out for us so it's a deal.

2. The cash may not be available before the closing if we make our offer this Friday. (with the DSCR loan to purchase moving faster ~ 2 weeks, it's conceivable we may be at the closing table faster than the HELOC closes).

We are considering other options for the downpayment (approx $25K);   and then replenishing the funds with the HELOC cash once it hits.  
One idea is taking it out of our brokerage acct.  (We considered CC but that seemed absurd considering the rate to take cash out)

Any thoughts?
Has anyone had to do something like this before?
Is there something totally off limits? (Meaning: Is there something we CAN NOT use the HELOC cash for?)

Thanks in advance!

tanya