Updated over 8 years ago on . Most recent reply
What is the QUICKEST path to PROOF OF FUNDS? HELP!
I just joined biggerpockets and am excited to post my first question.
I have found a great property to rehab and flip. I am confident I can get an amazing deal on it. However, I have a problem...TIME!
I have 10K in the bank ready to use and around 50K of equity in my own home. I only need 35K. The bank will take 4-6 weeks to approve my HELOC and the I feel if I wait that long I will lose this opportunity. What should I do?
Most Popular Reply
Option 1: If you’re confident that the money will come through, you could fund it with a credit card that has a high limit. Use the HELOC to payback the card when it comes through.
Option 2: Find private money
Option 3: There are small banks that give unsecured home improvement loans in less than a week. I’ve gotten $25K in less than 7 days.
That’s all I got off the top of my head. Hope this helps.