OfflineI need help. I am in a tight market area in Calif that requires POF letter before accepting any offers. So it is a vicious circle as I cannot even tie a property up without the POF letter. I cannot qualify for the letter myself and do not have a LLC. Our area will not accept the explaination of we will flip and have a cash buyer. They want proof upfront.
Is there anyway to get the letter so I can lock it up?
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There's quite a few posts on this here on the website so just search "proof of funds" or "POF". I know some people use Coastal Funding and there are a few other transactional lenders as well.
Good luck and let us know!
- Tom
I have looked at all of them but it still does not answer the question I have.
All these bridge funders require it be already locked up and have a buyer in place. My problem is I can not get it locked up without the POF letter to get a buyer in place. If I show it to my buyer without having it locked up they will just cut me out of the deal.
I need to know specifically how to get the POF letter without having the buyer in place.
I looked at Coastal and they only fund REO and short sales according to the website I looked at. I want a lender that will do it all.
I just applied for a proof of funds from coastal-funding.com to make sure it is still available. You do not have to have the property under contract and it will take you less than 5 minutes to do. Just click on the proof of funds tab fill out the information it is asking for and you will have a proof of funds letter you can print out. Coastal funding will fund any back to back closing you want to do, it does not have to be an reo or short sale.
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My TF guy does NOT require the property to be under contract to supply a POF letter. All the property specific letters you need, every day! Just enter your info and print the letter.
They do require the property to be under contract with a buyer in place in order to use the TF as usual.
With most other generic POF letter providers if the bank of seller tries to verify your funding your offer ends up being rejected. Not with my guy. I have had agents working for individual sellers, banks like Wells Fargo and B. of A. call to check my POF. Never had an offer rejected!
Check it out at my TF/POF site below. The best in the industry, I use them every day. 4 to 6 times a day!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I clicked on to your link for the POF site and tried to click on the xin the box to get the info and the site will not come up. Can you give me the guys name and phone# or another web address. I really need it now as I have 2 properties I want to lock up now.
Have you personally worked with Coastal? In some of these blogs they are saying some of the deals got kicked because coastal did not answer the phone to verify funds so the ofer was rejected. They only do back to back transactions. I would like to include 30 days as well.
POF letter and Transactional Funding AND ETF (extended trans funding)
click link below
Mike
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I see in all the private money lenders they state that they only will lend money to LLC or companies for the most part. Some banks want individuals listed.
Is it neccessary to form a LLC and what are the pros and cons?
The cost in Calif is a minimum of $800 per year.