Do any of you have personal experience using the delayed finaning Exception?  More specifically, have any of you used a bank local to the Raleigh, NC area to do this type of financing?  I am looking to purchase a property or two for cash, and then, hopefully pull money back out of them as quickly as possible.  What options do I have besides the delayed financing exception to accomplish this same goal?

Thank you!

@Liliana Ruano   Any lender that offers conventional loan programs will typically offer delayed financing.  It's basically just a Fannie Mae guideline, so unless the lender has an overlay they should allow it.

Originally posted by @Stephanie Irto:

@Liliana Ruano   Any lender that offers conventional loan programs will typically offer delayed financing.  It's basically just a Fannie Mae guideline, so unless the lender has an overlay they should allow it.

 Stephanie is right - most lenders will do this.  I have done delayed financing several times - worked out great.  Call Ami Bonis (google her - I'm not sure I'm allowed to post the link) and tell her Andrew sent you

@Liliana Ruano Delayed Financing is the way to go.  It is a very simple loan.  If you speak with a LO and they seem unsure of this product hang up and find someone with experience

Whoever you use as lender ask them to share the guidelines of delayed financing exception. If you keep your paperwork organized that  will be help  you to get it done faster. 

Thank you all, for your responses.  The information you all provided is what I thought to be the case, but it is nice to have confirmation.

Andrew, I've googled Ami, and will contact here in the new year.  Thanks!

Stephanie - Just curious, what is an "overlay"?

Thanks!

Hi all - Happy New Year!

We currently have most of our accounts with Coastal Federal Credit Union.  We have  a mortgage for a rental house with Quicken Loans.  Coastal does not finance outside the local area.  I know Quicken is likely to do delayed financing, but would you recommend lenders you have used?  We hope to acquire 2-3 houses in Indianapolis, IN (we currently have one property there w/no mortgage).  We would need either a local lender or a national one like Wells Fargo, but I would prefer not to use Wells Fargo because I have had bad experiences with them.

Many thanks in advance!

~Liliana