Frequently Asked Questions
Frequently Asked Questions
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Q: "What's the cost?"
Q: "What's the cost?"
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All funds are charged a standard predetermined fee due at closing. No two deals are ever the same.
All funds are charged a standard predetermined fee due at closing. No two deals are ever the same.
Q: "What if the deal DOESN'T close?"
Q: "What if the deal DOESN'T close?"
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If a deal doesn't close you DO NOT pay a fee. All borrowed funds must be released and returned to lender. Lender is not responsible for any title or escrow fees.
If a deal doesn't close you DO NOT pay a fee. All borrowed funds must be released and returned to lender. Lender is not responsible for any title or escrow fees.
Q: "What does the process look like?"
Q: "What does the process look like?"
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If we approve a lending request at $4,000 for 4 weeks:
If we approve a lending request at $4,000 for 4 weeks:
-> Details are verified by Top Teir Certified Transaction Coordinator with Title Company or Closing Attorney
-> Details are verified by Top Teir Certified Transaction Coordinator with Title Company or Closing Attorney
-> Contracts are Signed
-> Contracts are Signed
-> Funds are wired accordingly
-> Funds are wired accordingly
-> Original funding of $4,000 plus 40% fee of $1,600 = TOTAL: $5,600 due immediately upon closing.
-> Original funding of $4,000 plus 40% fee of $1,600 = TOTAL: $5,600 due immediately upon closing.
Q: "What are the lending types?"
Q: "What are the lending types?"
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Earnest Money Down: EMD
Earnest Money Down: EMD
This is an upfront deposit required to secure a real estate deal. This money is usually held in escrow until closing, usually anywhere from 3% to 10% of the total purchase price of the property.
This is an upfront deposit required to secure a real estate deal. This money is usually held in escrow until closing, usually anywhere from 3% to 10% of the total purchase price of the property.
Double Closing: A "2 leg" closing transaction.
Double Closing: A "2 leg" closing transaction.
This is a process that takes place during escrow where a wholesale contract is moving from seller to wholesaler; and then in a second leg of the transaction immediately after the first, is transferred from wholesaler to buyer/investor; facilitated by escrow officer.
This is a process that takes place during escrow where a wholesale contract is moving from seller to wholesaler; and then in a second leg of the transaction immediately after the first, is transferred from wholesaler to buyer/investor; facilitated by escrow officer.
Private Money: Private Money Lending (PML) vs Hard Money Lending (HML)
Private Money: Private Money Lending (PML) vs Hard Money Lending (HML)
This is a form of lending that involves larger sums of capital and is often borrowed by seasoned real estate investors interested in buying, holding, renting, or flipping properties. Compared to Hard Money Lending, Private Money Lending is typically easier to acquire with lower interest rates and more flexible terms.
This is a form of lending that involves larger sums of capital and is often borrowed by seasoned real estate investors interested in buying, holding, renting, or flipping properties. Compared to Hard Money Lending, Private Money Lending is typically easier to acquire with lower interest rates and more flexible terms.
Loan Sponsorships: Alternative Lending Method (ALM)
Loan Sponsorships: Alternative Lending Method (ALM)
An alternative lending method is usually sought after in situations where traditional, creative, or private lending is next to inaccessible for a borrower. Under specific circumstance and terms, funding may be acquired using an ALM such as Loan Sponsorships.
An alternative lending method is usually sought after in situations where traditional, creative, or private lending is next to inaccessible for a borrower. Under specific circumstance and terms, funding may be acquired using an ALM such as Loan Sponsorships.
Q: "Can I increase my odds of being approved?"
Q: "Can I increase my odds of being approved?"
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Yes! To further expedite your request for funding, and to increase your chances of being approved; make sure that all of the information provided in your submitted request form is exact and correct.
Ask yourself:
Is the amount you're requesting the exact amount listed on the original contract?
Does the closing date on the original contract match the date in my request submission?
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