Earlier, we discussed what a Proof of Funds letter was and why people need them. So, what qualifies as Proof of Funds and where do you get them?
Anywhere your liquid assets are held can provide you with a proof of funds letter. Of course, this means that your bank can provide you with a proof of funds letter to show that you have money in your account. Plus, certain credit lines or money market accounts might qualify too when the funds can be readily accessed. These institutions can also provide you with a proof of funds letter.
Unfortunately if much of your money is tied up in mutual funds, you can’t include those assets as a proof of funds. Why? Well, the amount of those assets fluctuates frequently. Plus, you can’t withdraw that money on the spot. If you plan to use assets in a mutual fund or stocks to cover some of the money of a REI purchase, you must withdraw those funds and transfer them into a readily accessible, stable account in advance!
Also, as long as you’re transferring funds, you may find it much easier to pool all of your funds from various accounts (if you have multiple accounts) right into one account. Don’t think you can use these transfers to sneak in a loan from family though. The trails are followed to make sure that all of your money is really your money and really exists!
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.