Updated over 8 years ago on . Most recent reply
Too late for private lending?
Hello,
Extreme newbie here....
Background: I'm under contract on my first duplex. Per the purchase agreement, we will have loan commitment (conventional loan) by July 30 (I applied for the loan and the bank has done the appraisal which checked out, loan was sent to underwriting as of yesterday, July 12). Closing is Aug, 15. After listening to the BP Podcast, I decided to bring up the idea of private financing to my parents...they were interested. Caveat, my dad won't be back from a trip until Aug 17th at which point they wanted a quick "investor presentation" if you will.
My question, if on Aug 17th they decide they are in, do I have enough time to work with the title agency etc.... to get this switched to a private lending deal? Also, if we do decide to switch to private lending, does this nullify the purchase agreement?
Thanks for any advice!