Here is the situation -
I am currently in the middle of 5 properties (flip in progress or under contract - 3 are closing between 6/30-7/2 and the last closes 7/14) and one of our investors backed out of funding a deal.
The challenge is the property we are trying to fund was purchased at an online auction and states cash only in its terms.
Any suggestions on funding cash purchases? We have a local bank willing to finance us out of the cash but are still in need of transactional financing (CASH) until the bank comes through.
Purchase price - $142,500 + Buyers premium = $150K
Repairs - 35K
ARV - 240K
Any thoughts are appreciated!
I maybe about to help