Does anyone know of any transactional funding in Ohio?


I think this is your go to guy…eric3,

look him up, he’s on here.

Thanks! I have seen his funding before that mistakingly thought it was for North Chicago only. Now, thanks to you after "
reading" I see that the transactional funding is available for me as wel. Thanks soooo much! You guys are a big help to me.

thank you Rastus!


Which box is yours at the UPS store?

IMO the best around is Ted Akers. Only 1.75 points, wet or dry. PM me if you need the website. Herbster

TED AKERS is he nationwide ?

Ted is nationwide


Hi Herbster,

I know I’m super late on this but can you please provide me with Ted’s info. I’m new to this and I am trying to get my contact list going.


I have all so been made aware of a company that will do funding from 2 to 45 days The only thing is i belive they have a upfront fee to do your paperwork as they require a lot of paperwork Any one wantting more information can pm me as well and they are nationwide

Herbster said, “IMO the best around is Ted Akers. Only 1.75 points, wet or dry. PM me if you need the website. Herbster”…I’m guessing that HERBSTER can provide you this information - but that’s just a guess…


I know Ted. He only does 1 day deals. I do 1 day deals at the same price.

As far as longer transactional deals. They are hard to find but I would never suggest paying an upfront fee. There will be more paperwork because it is essentially a hard money loan when going longer. They are pretty risky since the B-C falls apart often.

I do up to 42 days for 1 point per week not other fees but I do require a downpayment by the investor.

eric do you do the 42 days nationwide ? What do you mean a downpayment ? What is the downpayment for ?

I do 30-45 days on a very select case by case basis.

What is any down payment for? To reduce the LTV. This type of transactional funding is very different from the 1 day variety. These are very risky loans, particularly when they are 100% of purchase price. Many lenders have found themselves getting killed on these because the B-C deals collapse during the holding period. Default rates are very high.

Most lenders stopped doing the 30 day deals when they realized this was basically a hard money loan at 100%LTV, a recipe for disaster. Some of the few remaining lenders have altered their rules and fees to try to deal with the high default rate. What I have found is that the investor needs some “incentive” to submit a solid B-C deal and keep it together during the holding period. So I require them to have some money in the deal. If the deal is for $100K, I would require a $15K downpayment from the investor and I lend $85K. That provides both incentive to the investor to not default and gives me some cushion if they do. Honestly, it also weeds out people intent on fraud (more than you think) as well as many of the new and inexperienced investors who don’t really know how to put a solid deal together and close a deal.

eric so you do not do this nationwide ? It sounds like you do hard money if it is more then one day ? As you ask for skin in the game from the investor. So it really goes from transactional funding to a hard money deal as you are no longer doing 100 % a /b deal ? So you are saying that if a b / c part were to fall apart in the 30 to 40 day deal the investor is stuck with a hard money loan ? And the person doing the 100 % 30 /40 day funding has the high real possible of getting stuck . As the deal has been funded and the property is now in the investors name

In my view Seasoning loans are much closer to a hard money deal than to a transactional deal. That is why people charge rates that are hard money like. So whatever you want to call it, transactional, seasoning, hard money, the rates are hard money rates. But they are not exactly the same. I have slightly different contracts for each.

I am not saying if the B-C falls apart the investor is “stuck with a hard money loan”. Quite the opposite. It is the lender who is “stuck”. He is stuck with a defaulted loan that he has lent way too much on compared to normal LTV’s. If it defaults after 30 days anything could happen or be worked out. The lender and the borrower might decide to convert it to a longer loan, or he might foreclose and take the property. Either way, it is not great because the LTV is way too high. If the lender has lent 100% obviously he is in a worse situation than if he lends 90%. The problem with doing 100% 30 day deals is that investors essentially see it as a free shot. The reality is that they often will fake a B-C contract to obtain the 100% funding and then they scramble to find a real B-C deal to complete the transaction in 30 days. If they do, great. If they don’t, they just walk, sticking the lender. Nobody seems to think twice about defaulting on a mortgage these days.
Even if the lender forecloses, it takes months and all the while the investor holds the property without it costing them anything out of pocket. They can continue to try to sell the property for a profit. If they get lucky and find a buyer they get to profit, again, if they don’t, they walk. No recourse. No loss to the investor. Obviously that risk profile is lopsided. It is why so many lenders got burned last year and why so few will do 30 days now.

Obviously those are the type of investors a lender doesn’t want. My goal with the downpayment requirement is to remove that free shot option. My experience is that with no down payment, default rates on these deals are about 75%. With a DP, I am running at less than 10%.

You are %100 RIGHT…Get the borrower to bring as much money as possible to the table or see if they have additional FREE AND CLEAR real estate to cross collateralize…Give a borrower an option to stick you ,they will…Get as much money as possible…It unnerves me when someone comes to me for a loan and has no skin to put in the game…

Does anyone on transactional funding for NJ

I do.
Shoot me an email.

OK all, please take this off-line. The Discussion Forums are NOT the place to conduct your business dealings.