Updated about 1 hour ago on . Most recent reply
Hard Money Loan for Auction.com
Just won a bid at auction.com and my lender provided me with a preapproval but they rejected it saying that it cannot have any condition on it, is it possible por my hard money lender to give me one with no condition? have good cash reserves and 750 credit score, deal is solid i should be good!
Most Popular Reply
Hi Rogelio:
Congrats on winning the bid. Yes, it is possible to get a bridge loan with no contingencies and closes in 10 days. How it works is you would get pre approved for the takeout loan upfront, then you purchase with the bridge loan. Once you take ownership of the property the work to refinance out of the bridge loan begins. You have up to 12 months to refinance out, but it should get done within 30 days since you were pre approved upfront. That's the gist of it. Any other questions, feel free to DM