FAQs
- What are your requirements for funding?
- What are your fees?
- What is transactional funding?
- When is transactional funding needed?
- Are there minimum and maximum funding amounts?
- Is credit a factor in obtaining transactional funding?
- Can I use my own title company?
- Do I need to come into your office to sign the papers?
- How quickly can you close and fund my deal?
- Do you offer proof of funds letters?
Q. What are your requirements for funding?
A. We have 2 simple requirements for funding. 1) That both transactions close/fund on the same day, and 2) That both transactions close/fund with the same title company. As long as you meet those 2 requirements, you are automatically approved.
Q. What are your fees?
A. Deals from $75,000 to $1 million: 1% of the A-B transaction amount
Deals under $75,000: Flat fee of $750
Deals over $1 million: Handled on a case-by-case basis; we require both sides of the transaction to be closed through one of our approved title companies
Q. What is transactional funding?
A. Also known as a “double closing,” transactional funding is a short-term loan provided to wholesalers who purchase and quickly re-sell a property on the same day. The property seller is known as “Party A.” The wholesaler is “Party B.” The end buyer of the property is “Party C.” Transactional Funding deals are also sometimes called “A-B – B-C” Transactions.
Q. When is transactional funding needed?
A. Our clients use our Transactional Funding Service for two fundamental reasons:
- They have a contract that is NOT ASSIGNABLE to a third party. This is typical when purchasing properties off MLS, bank-owned properties, or properties owned by government entities (HUD, FHA, Fannie Mae, etc.)
- The wholesaler chooses not to assign the contract to maximize their wholesale markup. End buyers may not purchase a property if the assignment fee is too high. When utilizing transactional funding, you do not have to disclose your contract details to the end buyer.
Q. Are there minimum and maximum funding amounts?
A. No, we will fund any amount. And we are proud to be the industry leader in funding large deals of over $1 million for real estate wholesalers.
Q. Is credit a factor in obtaining transactional funding?
A. No. There are no personal financial requirements to obtain transactional funding. We do not run your credit and do not require bank statements, tax returns, etc.
Q. Can I use my own title company?
A. Yes—as long as both sides of the transaction (A-B and B-C) close at the same title company. For deals over $1 million, we require both sides to be closed through one of our approved title companies.
Q. Do I need to come into your office to sign papers?
A. Not at all! Our process is fully remote—documents are signed electronically, so you can complete everything from wherever you are.
Q. How quickly can you provide transactional funding?
A. We can provide the best transactional funding almost immediately. Contact us today to learn more about what we can offer you!
Q: Do you provide proof of funds letters?
A: Yes! Our Loan Approval letters are FREE and available on our website at DoubleClose.com under the “Proof of Funds Request.”