Multifamily Finance Options

[LaTara G.]

I have been analyzing multifamily  properties and speaking with the listing brokers etc and plan on using hard money or private money, but need a proof of funds letter. It's my understanding that with hard money it is based on the property so how can you give an initial proof of funds letter without having the property 1st. Secondly , I don't have any private money lenders yet and am looking for a few how would I find potential private money lenders or accredited investors. 

[Joel Owens]

Listing broker wants to see a real buyer. Not  a person trying to tie up the property with no money. That damages the seller of the property.

A POF letter tied to a hard money lender with a list of conditions IS NOT the same as money sitting in your bank account with your name on it. The bank account you have total control to do the deal. The HML you have no control over getting the funds so it's just like any loan with conditions tied to it.

You might want to assign contracts for awhile to try to get fees and build up capital.