Lending for commercial and residential foreclosure property.
Hello everyone.
we are looking to financing a commercial and residential foreclosure property.
we bought this property through county judicial foreclosure process. We paid 5% of the bid amount when we won and we are required to bring the remaining amount by feb 25th. Since we don't own the property yet, we cannot enter the property and have interior access. Drive by is OK. Once we have the deed, we become official owners and have interior access.
we are looking to get around 350 to 400k funding for these two properties.
we only have 20 days to get funding .
More than happy to share details on phone.
Most Popular Reply
@Charwak Gummalla I do think this is a tough ask for anyone who knows what they are doing regarding lending. No access to the property, Deeds, at least in my state, can take a month or so to be recorded so Title insurance wont be available. As @Mike Grudzien asked, did you have funding planned before or were you winging it?
I wont lend on Foreclosed property but would provide lending to an Investor after they purchased it and the Deed was recorded and property could be viewed, basically refinance the Investor out. But I dont think its something a knowledgeable lender would do.
Good luck,
Steve