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Updated over 9 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • Investor
  • from Phoenix
  • Member since Feb 26, 2015
Account Closed's profile image
Account Closed's profile image
Account Closed
  • Investor
  • from Phoenix
  • Member since Feb 26, 2015
Account Closed
  • Investor
  • Phoenix
14
Votes |
52
Posts
Creative Real Estate Financing

Borrow for Down Payment

Account Closed
  • Investor
  • Phoenix
Posted

I'm eligible for a loan from Lending Club for $24k. Can I use this money as a down payment for a conventional product/hard money skin in the game? Or is there some rule that bans borrowing for a down payment?

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Vida Novak's profile image
Vida Novak's profile image
Vida Novak
  • Investor
  • from Mentor, Ohio
  • Member since Jun 1, 2015

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Vida Novak's profile image
Vida Novak's profile image
Vida Novak
  • Investor
  • from Mentor, Ohio
  • Member since Jun 1, 2015
Vida Novak
  • Investor
  • Mentor, OH
12
Votes |
19
Posts
Vida Novak
  • Investor
  • Mentor, OH
Replied

I'm doing it right now along with hard money for a flip.  It's going pretty deep, right?  Kinda scary, and also a pain to have to start making installment payments right away.  But if you're serious, then do WHATEVER IT TAKES to make it happen!

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