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Recently Closed - Delayed Financing in Georgia
Recently Closed - Delayed Financing in Georgia
     In mid-December I was contacted by a real estate investor in Georgia that had recently acquired a property in Atlanta in a cash purchase.  He had used cash to make a competitive offer on a property with some built in equity, and wanted to place a mortgage on the investment property.

     This was a perfect candidate for our delayed financing mortgage product that allows real estate investors (or anyone) to do a cash out refinance on a recently (within 6 months) acquired property if the property was bought with cash.  The best part of delayed financing is a borrower can borrow an amount up to the total acquisition cost of the property (purchase price plus closing costs/taxes/etc) PLUS the closing costs on the new loan, as long as there's adequate equity.  This is a great loan for investors because they can acquire properties quickly using cash, and regain their liquidity immediately, without the standard 6 month wait that standard conventional guidelines call for.

     While used less for primary residences and second homes, delayed financing can also be used for those transactions and is a great way for cash-rich buyers to make ... more

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