I am a neebie and want to make offers on good wholesale deals in Texas, but bank is asking for proof of funds letter, I plan to sell to other investor, where would I get proof of funds as lender will not allow assignment of deal, so I will have to do simultaneous closings.
where would I get proof of funds
well, first you have to actually have funds. then you get a letter from the bank.
lender will not allow assignment of deal
whose lender and why not? if it’s your lender, you need another banker (and I’d tell them exactly why).
if you already have buyers, you don’t need a lender; just assign the contract.
Some Private lenders will ask you to get Pre-Approved. They will then send a POF letter for you on the deal, but you have to get Pre-Approved.
The above poster is right, if the bank isn’t allowing the assignment get a new lender, or have the buyer pay the assignment off the Hud 1.