Hard money loans for auctions

[Charles Graham]

I was going to try and go to some foreclosure auctions. But my problem is they don't allow access until after closing. So my hard money guys can't do an appraisal. 
are there lenders that will lend without getting inside?

or do I just need all cash to do something like this?

[Doug Smith]

We started before there was really institutional bridge financing, so we started with cash. We put up 5% of the amount we wanted to bid and then, if we won, we had to have the money to the county clerk by the end of the next day. Honestly, getting a couple of investors together and having that money in the bank account was much less stressful than trusting that a lender would fork over the cash...and that's coming from a guy that's a lender. That's just my personal preference...having the cash to take down the property and then having the lender cover the rehab if we need it. I do think people over-leverage. Interest really eats up the profits, particularly if you run into permitting or other delays. I know others will feel differently, but that's how we got started with our own investments.