11d (edited) • ❓ Questions
Double close or something else
Connected with a borrower who said she wants to double close but I thought maybe there's a better solution. I just need help thinking through it.
Location: Huntsville, AL
End goal: Co-living 8 beds (4 bed house)
PP: $200k
ARV: 290k
Wholesale to her company: $245k
Rehab: $15k
Lender will lend on 90% of $260k: $234k 30-year mortgage @ 6.3%
The reason why she was thinking to double-close to her own LLC is to show proof of funds to her lender for the mortgage.
This structure feels kind of messy but maybe that's my ignorance. Open to thoughts and other solutions. Thank you.
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Double close or something else
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