http://www.REIClub.com - Here’s a Definition of Transactional Funds and How to Use Transactional Funding For Your Back-to-Back Closings.
What is Transactional Funding?
Also referred to as: flip funding, double close funding, bridge funding, back-to-back funding, simultaneous funding, gap funding
- Short term loan finance the A-B side of a short sale or REO wholesale transaction.
- There is no credit check or income verification required.
How does the process work:
- Identify the property of interest
- Request Proof of Funds (letter) - http://fastinvestormoney.com/proof-of-funds/
- Execute buy and sell contract
- Request funding
- Submit transaction documents
- Lender Review
- Loan approval
- Funding
- **Extended Funding - 30-day holding period
- 90-day Seasoning Rule - expired in Feb.
What it WON’T Fund:
- Rehab Projects (Fix and Flip)
- Earnest Money
- Escrow Deposit
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