Delayed Financing Exception

[Jeremy Rotert]

Listened to Podcast again 233 last week, with Arianne Lemire. I am interested to learn more about this strategy. Can someone explain to me in greater detail how this works? What are the requirements? Can it be done with an initial loan to buy the property, then refi?

[Anthony Gayden]

Jeremy Rotert

I am doing this right now. I bought a property for $65,000 cash. A few days later I called a local bank and told them I wanted to do it. The loan officer looked it up (he didn't even think it was possible) and we are moving forward. He told me they could give me a mortgage of up to 70% the appraised value up to the purchase price.

The appraisal will take place near the end of November so I have about a month to get work done so it appraises well. If everything goes right I will get 100% of the cash I invested back minus the loan costs.