Visit our preferred lenders for additional funding options. Our preferred lenders include those that offer private/hard money, lines of credit and conventional lending.
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There are three main components to a transactional funding deal – your purchase, your sale and transactional funding.
First, you need a property under contract and earnest money deposited in an escrow account.
Second, you will need to have a cash buyer under contract to purchase the property for no less than 5% more than the purchase price with the seller.
Third, you will need to be approved for a transactional loan with a transactional lender.
Once all three items are you place you will then need to select a closing company that can facilitate a same day close (also known as a back to back or double close).
Typically, a same day close will complete the purchase (A to B) and the sale of the property (B to C) on the same day – unless you are in CA or VA due to recording rules and regulation.
However, regardless of the state, both acquisition and sale need to occur within 24 hours.
A transactional lender will not fund a purchase of a same day close unless the cash buyer has deposited their funds to purchase, in escrow.
This does not mean that the B and C transaction closes first, you just need to ensure its funded (this applies to all transactions including CA and VA even when the BC occurs 24 hours later).
Mortgage Broker store provides a funding option to Real Estate Investors in Canada. For more information about their loans give them a call or visit them online.
Phone: (416) 499-2122
At Butler Mortgage our priority is to provide you with the best options available to fulfill your mortgage needs. Butler Mortgage shops the nationwide mortgage market of banks, trusts and other financial institutions to locate the best mortgage terms and best mortgage rates.
Phone: 1 (888) 684-8326