I’m looking for a day funder for some short sale purchases. I’ve sent an email to a company called Coastal Funding, but have not heard back. It’s been two to three days, so I don’t know if they are actually going concern.
What I’m seeking is a private lender who will charge a maximum of 2 pts on the loan amount, if the money is used at all (and if it is, it would only be for one day); a mimumum of $295 for each commitment letter on deals that DO close (yet I don’t actually need funds to close the deal) and $195 for deals that DO NOT close, as a “thank you” for taking the time to write a commitment letter unique to each transaction.
The letter needs to be from a real business, probably a private lender, who, if called, is able to truthfully say, “Yes, we are going to fund this transaction for XXX company, if it is approved on terms acceptable to XXX company” and meets our LTV ratio requirements on ARV".
Is there a way to search these forums?
I can’t seem to find it if there is. I prefer not to ask questions that have already been asked and answered many times before.
The Private Investors that I work with do not have a LTV ratio requirement. There is also no credit score and no business plan needed. The main requirement is to have your A to B and B to C contracts signed and ready to send to the Title Co that is closing the transaction. Both closings MUST occur at the same title co. There is normally not a charge for an LOI. You should never run into a situation where the investor would wire funds into the Title co and then a closing not occur. The Double Closing funds from the private investor are NEVER wired to the Title Co until the End Buyer has sent their funds. This prevents this situation. The standard fee is 3% under $1 Million and 4% over $1 Million. I hope this answers your questions.
You may find many day financers for your needs but the deal would be made not solely according to your terms. Instead of searching the forums, search the local sources.