Delayed Financing Exception

[Kay Khine]

Hello all,

I'm kinda newbie here so please correct me if I say or ask something wrong. I'm going to buy 2 fully rehabbed and tenanted properties with cash in IL and planning to do delayed financing shortly after closing. I'm looking for lenders who are willing to do 70-75% max value. I'm also wondering what kind of paperwork do I need? The thing is I'm planning to borrow some portion of cash from my family member. How does it affect on delayed financing? Additional paperwork? Can I wire some cash from my account and some from family member account directly or tell family member to wire to account first then I can wire all from my account. Any input, recommendation or suggestion would be really appreciated!

[Mike Landry]

@Rick Hernandez you might want to try a different lender. sounds like yours has overlays. I've done a few where I got %75 of appraisal up to %100 purchase price. they will not go over purchase price to include the rehab. @Jerry Padilla would be the guy to contact if he can do them in your state.