Actually doing a transaction right now on this. Basically what this is referred to is "corporate funds".
An applicant may use corporate funds for money to close if the following conditions are met:
• The applicant owns at least 51% of the stock in the corporation.
• A current balance sheet is provided indicating sufficient cash assets.
• Funds are verified on deposit for the corporation.
• Verification of receipt of the funds by the applicant, prior to closing.
• The file contains a letter from the corporation’s CPA stating the company is capable of disbursing the funds without impairing the operation of the company.
• A copy of the Corporate Resolution indicating the applicant will be permitted to withdraw funds from the corporation.
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