Contractor · Salt Lake City, UT · Member since 2018 · 20 posts · 0 votes
I'm wondering how to get immediate funding. Does anyone know a lender who will jump on board? The property has a value of 50k. I have no problem with a lien/2nd mortgage position...
The auction ends in a few days.
Advice? Leads? Links?
Thanks.
Definitely tough to do on short notice. I think if you tie the money you're seeking to the real estate (mortgage, hard money), there will have to be a lot more evaluation than can be done in a few days. But you might be able to secure other funding to make this deal happen.
Business/personal unsecured line of credit. If you, a partner or your business have a good credit history you can get low lines of credit fairly easily from any traditional bank.
Personal loan through SoFi, Marcus or another online lender. Again, likely tied to your personal credit or other personal financials but you can get loans up to $25,000 pretty quickly.