May 28, 2017

Transactional Funding for Real Estate Investors and Wholesalers in CA Bay Area

 

Short Term Funding Submission Checklist / Stacking Order

(Incomplete or out of order files will not be processed)

In an effort to streamline the submission process, please gather and complete the following information immediately. Note: Please provide clean copies of documents so that the underwriting specialists have an easy time reviewing the information. Make sure to name all documents appropriately as to be easily recognized during UW:

 

Same Day Funding (Cash – Cash closing)

Completed REM Capital Partners Intake Form

Copy of Buyer/Investors State Issued ID

Copy of Articles of Organization If Property Purchased As A Business

Copy of E&O Policy from Escrow Company

A to B Purchase Contract & HUD-1 Settlement Statement

B to C Purchase Contract & HUD-1 Settlement Statement

Arms-Length Affidavit

Preliminary Title Report on Subject Property

Short Sale Approval from All Lien Holders

Escrow Receipt Showing C-Buyer’s Funds Matching the Purchase Contract

 

Extended Term Funding (2 – 45 day funding)

Completed REM Capital Group Partners Intake Form

Copy of Buyer/Investors State Issued ID

Copy of Articles of Organization If Property Purchased As A Business

Copy of E&O Policy from Escrow Company

A to B Purchase Contract & HUD-1 Settlement Statement

B to C Purchase Contract & HUD-1 Settlement Statement

Arms-Length Affidavit

Preliminary Title Report on Subject Property

Short Sale Approval from All Lien Holders

Escrow Receipt Showing C-Buyer’s Earnest Money Deposit

Conditional Underwriting Approval from C-Buyer’s Lender

Insurance Binder Naming REM Additional Proposed Insured

Executed Earnest Money Assignment Letter/Investor Acknowledgment Form

Short Term Funding Process

 

Short Term Funding Process

 

Same Day Funding

Step 1 – Investor submits initial submission package as outlined in the submission checklist.

Step 2 – REM Intake department reviews package for completeness.*

*please allow 72 hours on requests

Step 3 – REM sends escrow instructions along with wire to Escrow officer, Deal Funds!

 

Extended Term Funding

Step 1 – Investor submits initial submission package as outlined in the submission checklist.

Step 2 – REM Intake department reviews package for completeness.*

*please allow 5-7 business days on all requests to be underwritten

Step 3 – REM will approve or deny the funding request*

*All files will be approved as long as they meet the initial submission requirements as outlined in

the submission checklist.

Step 4 – Once approved REM will draft the following funding documents for the Investor to

sign:· Agreement for the Acquisition & Resale of Property

  • · Escrow Agreement
  • · Memorandum of Understanding
  • · Warranty Deed
  • · Bill of Sale

Step 5 – Investor signs and returns funding documents and REM sends Wire to Escrow

Step 6 – Deal Funds!

Transactional Funding Fee Schedule

 

Same Day Funding Fee Schedule

Loan Amount Fee (%)

< $100,000 $2,000 flat

$100,001 – $500,000 1.45% – 2.00%

$500,001 – $1,000,000 2.50%

> $1,000,001 Call For Pricing

 

Extended Term Transactional Funding Fee Schedule

Days Fee (%)*

$500,001 – $1,000,000

$1,000,001+

02 05

Add .75% to Below Pricing

Call For Pricing

3.00%

 

06 10 3.50%

11 15 4.00%

16 20 4.50%

21 25 5.00%

26 32 5.50%

32 40 6.00%

 

* Minimum fee on any transaction is $2,000. Total fee determined by taking the greater of $2,000 or percentage (%) of loan amount.

*REM reserves the right to right to select the title/escrow company used. Escrow officer must be familiar with AB-

C transaction

*If Investor is closing in LLC, Corp, or other entity they must provide documentation verifying company is legal to

do business in the state the property is being purchased.

About Jason Wheeler - Real Estate & Lending

Jason Wheeler got started with in the Real Estate & Mortgage Lending business in 2003. Since then Jason has become a top producer for one of the largest, most well respected Real Estate and Mortgage Brokers in the industry, producing quality loans in California, and helping countless families with their home purchases and sale. For fun... Jason loves being outdoors and writing important tips on his blog (what you are reading now) and hangs with his wife kids and dog. IF YOU LIKE THIS CONTENT GO VIP HERE

Comments

  1. Leon Franklin says:

    TRANSACTIONAL/FLASH FUNDING REQUEST FOR 13220 HIGHLANDS RANCH ROAD, POWAY , CA. (SAN DIEGO COUNTY

    Would also consider private money

    I am in contract on a property located at 13220 Highlands Ranch Road, Poway, Ca. The property is listed at 1.9M and I got the property for 750k. I have two end buyers at 1.1M and 1.25M and there are also many back up buyers. I have a non refundable deposit of 29k in escrow and on my third extension. I have to close no later than this Friday, October 16, 2015.

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