Hard Money Question?

[Peter Padalino]

So I'm in the process of looking for my first flip and plan on using a HML for the financing...question I have is when my agent is asking if I'm using financing or cash, what do I tell them? Would the HML be considered a cash transaction...Thanks!

[Peter M.]

Yes it would normally be considered cash. That question is usually used to determine if there will be a financing contingency in the contract. If you want the contingency in there you could write the contract dependent on getting the HML but if you already know the lender and know that he can close the deal you can make it a cash offer with a quick close.