Do private lenders lend for auctions
Hi everyone.
I'm eying a multifamily property and was wondering whether lenders lend for Auctions? It's kind of a catch 22, because aucions typically reuire proof of funds prior to lending, and you don't want to take the loan, unless you know you're going to win the bid. Are there anyway around that? Any ideas, proof of concept, or real life stories you wish to share?
Thank you!
Most Popular Reply
A private lender is typically not a business, its typically an individual. If you are able to find / connect with one and build a relationship I'm sure you can ask them to lend prior to the auction if you give them the desired property, purchase price, ARV, amount of rehab, etc. I think what your thinking of is hard money and I dont think they do that.