Auction Financing

[CapitalismWorks_IHB]

I am considering attempting to purchase a home at an upcoming auction, however I do not have sufficient cash for the purchase. Is anyone aware of financing sources for trustee sale purchases?

 

[usctrojanman29_IHB]

I am considering attempting to purchase a home at an upcoming auction, however I do not have sufficient cash for the purchase. Is anyone aware of financing sources for trustee sale purchases?

Only a hard money lender will even consider providing you financing. No bank or direct lender will touch it. If you have some properties in mind, PM me and maybe I can help you out.

 

[graphrix_IHB]

The Norris group can help you out.

 

[awgee_IHB]

Maybe I can help you, but first we gotta talk about the vig.

 

[usctrojanman29_IHB]

Also keep in mind that most lender will not allow you to get a cash-out loan from purchasing a property at the foreclosure auction for 3 to 6 months after the purchase.

 

[CapitalismWorks_IHB]

Thanks everyone. This confirms what I had guessed, that banks are not setup for this type of business.

 

[awgee_IHB]

Thanks everyone. This confirms what I had guessed, that banks are not setup for this type of business.

Seriously, all you need is a bridge loan until you can obtain regular financing. Doncha think?

 

[CapitalismWorks_IHB]

Thanks everyone. This confirms what I had guessed, that banks are not setup for this type of business.

Seriously, all you need is a bridge loan until you can obtain regular financing. Doncha think?

I am not sure about the collateral requirements. Ideally, as you point out, this would end up being short term financing.

 

[usctrojanman29_IHB]

Thanks everyone. This confirms what I had guessed, that banks are not setup for this type of business.

Seriously, all you need is a bridge loan until you can obtain regular financing. Doncha think?

But what lender will provide you a bridge loan unless they have collateral? I mean, they can lend you the money but it's not for sure that you'll get the property even if you have the money (so the loan becomes an unsecured loan).

 

[awgee_IHB]

Thanks everyone. This confirms what I had guessed, that banks are not setup for this type of business.

Seriously, all you need is a bridge loan until you can obtain regular financing. Doncha think?

But what lender will provide you a bridge loan unless they have collateral? I mean, they can lend you the money but it's not for sure that you'll get the property even if you have the money (so the loan becomes an unsecured loan).

A friend or relative.

 

[usctrojanman29_IHB]

Thanks everyone. This confirms what I had guessed, that banks are not setup for this type of business.

Seriously, all you need is a bridge loan until you can obtain regular financing. Doncha think?

But what lender will provide you a bridge loan unless they have collateral? I mean, they can lend you the money but it's not for sure that you'll get the property even if you have the money (so the loan becomes an unsecured loan).

A friend or relative.

True, but I think if he had friends and/or family that could help him he might not have posted this thread.