That sounds fairly typical. My HML only needs one month statements, sometimes just proof that llc Is being formed Is good, and they can firm one for you for a fee.
Is the 3500 fee an origination fee, processing fee or what. Usually you have a processing fee covers all the doc prep etc. Then origination fee which is a percentage point of the loan. How much are you putting down and how much rehab are they funding?
Hml should be good for cash offer, if you are using realtor ask them, otherwise you might have to check with title or the seller to make sure, 90% of time it is good as cash.
I am not sure if HML can actually do real cash, usually it is wired day of closing to an account and title disburses it. A lot of the nuts and bolts of that is title
Usually they want to see your purchase price and rehab as a certain percentage of the ARV, and if a rehab is over purchase price it may not be a big deal if the ARV is right. They will probably hold your rehab money in an account and have some sort of disbursement criteria set up for all rehabs.
Money is still wired from one account to another with cash. No one brings physical cash (fiat money) to a closing unless they have time to sit around counting it.
Only time you need a money belt is at auctions.
@Jonathan Greer Glad to be of help! Those ARV numbers should make any HML happy.
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