TRANSACTIONAL FUNDING
Transactional Funding:
This program is designed for "Wholesalers" and those that are or want to become a Real Estate Investor. This funding program is a short-term loan provided to the Wholesaler or Real Estate Investor who purchase a property and quickly re-sell the same property on the same day. The Seller that owns the property is known as Party A, the Wholesaler or Real Estate Investor is Party B and the End Buyer for the property is Party C.
This program is designed for "Wholesalers" and those that are or want to become a Real Estate Investor. This funding program is a short-term loan provided to the Wholesaler or Real Estate Investor who purchase a property and quickly re-sell the same property on the same day. The Seller that owns the property is known as Party A, the Wholesaler or Real Estate Investor is Party B and the End Buyer for the property is Party C.
Transactional Funding is also called Double Closing or Simultaneous Closing and Wholesalers or Real Estate Investors must have an End Buyer to complete transaction.
Properties Allowed:
Guidelines:
* Min Loan Amount: None
* Max Loan amount: None
* Min FICO: None
* Experience Needed: None
* Same Title Company must be used for both closings
* Min Loan Amount: None
* Max Loan amount: None
* Min FICO: None
* Experience Needed: None
* Same Title Company must be used for both closings
Questions & Answers:
Q How much do I have to bring to the table at settlement?
A Nothing!. This loan program will cover 100% of your 1st contract with the Seller plus all your closing cost.
Q How much do I have to bring to the table at settlement?
A Nothing!. This loan program will cover 100% of your 1st contract with the Seller plus all your closing cost.
Q What are the fees you charge?
A It can range anywhere from $2,000 to up to 2 points, depending on the loan amount and FICO score.
A It can range anywhere from $2,000 to up to 2 points, depending on the loan amount and FICO score.
Q If I have very low credit scores, will I be able to still get approved?
A Yes!. Your FICO score doesn’t play a factor in getting approved or not. However, it does play a factor in what fee you will be charged. No worries though, you’ll know what the fee would be and you can then add that fee to the Sale’s Price for your End Buyer to pay.
A Yes!. Your FICO score doesn’t play a factor in getting approved or not. However, it does play a factor in what fee you will be charged. No worries though, you’ll know what the fee would be and you can then add that fee to the Sale’s Price for your End Buyer to pay.
Q Do you provide a pre-approval letter?
A Yes! Complete the online application below. It’s quick and easy to complete and you’ll receive a POF letter for you to use when placing offers.
A Yes! Complete the online application below. It’s quick and easy to complete and you’ll receive a POF letter for you to use when placing offers.
Q What states is this program allowed in?
A This is a nationwide program through PhoneOps, all 50 states are allowed.
A This is a nationwide program through PhoneOps, all 50 states are allowed.
Minimum Requirements:
* Contract between you and Seller
* Contract between you and End Buyer
* A valid Driver's License or State ID
* A Tri-Merge Credit Report fee and POF fee of $125
* Contract between you and Seller
* Contract between you and End Buyer
* A valid Driver's License or State ID
* A Tri-Merge Credit Report fee and POF fee of $125