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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