Brokers and "Proof of Funds"

by a searcher from Michigan State University

1 year ago

Hi All, 

I am a self-funded searcher and have encountered a few promising broker deals (based on the teaser alone). However, the broker insists on only providing the CIM to "qualified buyers" that can show "proof of funds". I understand the desire to weed out tire kickers but this approach seems to outright deny self-funded searchers AND search funds. 

Have any of you encountered this? and if so, how have you navigated?

5 likes
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34 comments

searcher from IE Business School

Thanks for posting. The thread offers a lot of useful insight.

4 months ago | like reply | 0 likes

searcher from Washington University in St. Louis

World with a lender, submit your PFS and get a letter of support with what they are willing to lend. That has worked for me. Live oak had sent me 4M letter. Which was enough for me to just blast it if they asked for proof of funds. Worse case, I just put a clause in LOI of 10k non refundable deposit after 30days if I really like the deal.

7 months ago | like reply | 0 likes

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