Newbie needs advice regarding private money lenders in IL - Posted by Lisa

Posted by Lisa on May 03, 1999 at 23:00:23:

Having problems with realtor making all cash offers. The properties have been HUD or Fannie Mae and they want proof of funds before they will take the offer. We’re trying to bypass by writing a letter to them stating that we are using partners that have the cash. However, we’d like to have private money lenders available to provide the actual backing as well. Any advice on how to get around this or how to find a lender? Or should I just pass on institutionally owned properties that require so much personal info to submit an offer?? By the way, we are trying to do quick flips to rehabbers so all that is really coming out of my pocket is the deposit. We plan to do a simultaneous closing. Any advice is appreciated!