OfflineIt appears there is a new regulation which is preventing some lenders from financing loans under $20K. I have decided to buy the property for $17.8 with transactional funding cash under my company then sell it to myself at the minimum finance limit so that I can finance the property. Is that okay?
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I think I'd check with an RE attorney on that. With the new regulations, you will want to make sure nothing draws a red flag, especially for such a small transaction. Never know what they'll come up with. Better safe than sorry.
Just my thoughts.
Rina
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I would talk to an RE attorney. Laws and regulations are always changing, it's wise to consult before making any move.
Thank you for the advice. The forum always helps.