Three quick questions on BofA
-
In a payoff letter from BofA, they are stating “#10. There are to be no transfers of property within 30 days of the closing”. Of course, this is intended to make sure no one makes any money through a double close, or are they saying that they don’t want the buyer to wholesale this option to purchase to ANOTHER investor who would close the loan.
-
If this really does require the buyer/investor to hold the property for 30 days, what kind of loan guarantee would we need from the B-C lender which guarantees that their C borrower will actually close on the loan?
-
Any suggestions for short-term lenders (not flash funders, but 30-day lenders) who loan money at reasonable rates? Say $2,000 for $40,000 for 30 days?
Funny thing, BofA must think this particular house is some kind of a gem and that if they had it back as an REO property, they might make more money that the offer before them. They are sorely mistaken. It’s only by the grace of God that we actually found a retail buyer who was willing to do all of the rehab work to make this house a good deal for them.
I think most short-term lenders, who might trust a borrower for 2-days, are going to be reluctant to trust a borrower for 30-days, that they will actually follow through and make the purchase.