Need Suggestion ASAP
I am not sure this is the right forum for this question or not.
I am in the process of refinancing one of my propeties outta my Hard Money loan. I have gotten everything they needed and right at the end they said they needed to have a manager look at it. They said that because my investor uses His name in his LLC that it through up a flag and they want to make sure its not a land contract. I am confused here. I sent them a copy of the mortgage note and dispursements from the title company showing the seller, the buyer and the lender when I purchased it, as well as all my draws that were taken.
Anybody have an idea as to how else I can prove this is a mortgage or had a similar situation? I do not know what else to do, I really do not want to start the process all over again with a new lender.
Thanks for any help.
Ron
I am in the process of refinancing one of my propeties outta my Hard Money loan. I have gotten everything they needed and right at the end they said they needed to have a manager look at it. They said that because my investor uses His name in his LLC that it through up a flag and they want to make sure its not a land contract. I am confused here. I sent them a copy of the mortgage note and dispursements from the title company showing the seller, the buyer and the lender when I purchased it, as well as all my draws that were taken.
Anybody have an idea as to how else I can prove this is a mortgage or had a similar situation? I do not know what else to do, I really do not want to start the process all over again with a new lender.
Thanks for any help.
Ron
Comments(0)
Bump
Any ideas would be very much appreciated.
Ron
I guess i am not sure how they think. I am concerned that i had gotten everything cleared on the loan and then they brought this up. I am suppose to know if they will call it a mortgage or a Land Contract sometime today. I probably am over reacting but I do not like supprises at the end that could potentially mess my exits up on 4 existing hard money loans that are set up in the same types or mortgages.
Thanks for the reply
Ron