I will have an opportunity in the next couple weeks to make an offer on a property from a tired landlord.
I have been pre-approved by an HML but a relative that lives in Canada is interested in lending me 70% of the funds and I'd put the other 30%. I prefer to go this route because it's someone I trust/they trust me and I can close a few days faster (assuming no title issues) than a HML.
My exit strategy is to refinance using the delayed finance exemption and pay him back that way.
So a couple of questions for BP members:
1) what differences are there in receiving foreign PM compared to Domestic PM?
2) would I still be eligible for delayed finance exemption in this example?
Thank you in advance for your help!