A colleague in KY can’t get his end buyer to get a loan approved because the lenders’ underwriters all require that his name be on the title while they are doing the underwriting. Since he won’t be on title until the day of the closing due to the fact that this is a double closing, he can’t get the end buyer financed. Does anyone have any recommendations on what he needs to do to resolve this? Thanks.
He can get a private lender to put the money up for one day. He’ll probably have to pay 1% of the loan. Or he can always close on the property himself and put the tenant in the property under a lease option until the can qualify for a loan.
Find another lender who will. Just make sure you disclose the transaction to them in detail.