When you work as a wholesaler, things can get unpredictable. You find a great property, make an offer, spend months negotiating, and the seller finally accepts it. However, not having cash in your bank or not wanting your end buyer or seller to know how much you're making can cause you to lose the deal. That is why working with experts at Wholesalers Transactional Funding is essential!
At Wholesalers Transactional Funding, we provide transactional funding to real estate wholesalers in North Carolina and beyond. Transactional funding is a short-term loan that allows you to close on a property without traditional financing. If you want to know all the details about our service, don't hesitate to contact us!
When Do You Need Our Transactional Funding Service
Transactional funding can be helpful in many situations, but let's review a few common examples. If you're a wholesaler with a contract that's not assignable to a third party, or your buyer doesn't allow assignments, you can use our funding to close on the property. When you find properties off MLS, you'll need to be able to close quickly, and our funding can help with that. Make sure your buyer is lined up so you can double close the same day.
Using our service ensures that your deal will close, although, with a small fee, it's better than losing it completely. In a double close, you would buy the property from the seller and then sell it to your end buyer. Since you're essentially buying and selling the same property quickly, you'll need reliable funding.
How To Qualify For Double Close Deals
Qualifying for our transactional funding is probably the easiest way to get the financing for your wholesale deals. We'll request the identical documents your closing company needs, and from there, we'll do the rest of the work with the closing team until the day of your closing. It's that simple. All we need are the following docs:
- AB & BC contract
- Copy of Drivers License
- EIN or SSN (LLC vs. personal name)
- Operating Agreement (only if buying in an LLC)
- Contact information for your closing team.
Get in Touch With Reliable Real Estate Wholesalers
At Wholesalers Transactional Funding, we know how valuable reliability is in this industry. We pride ourselves on being one of the most trustworthy companies around. Our team can help you close your wholesale deals quickly and without hassles!
If you live in North Carolina and need transactional funding, don't hesitate to contact us now! We'll be happy to answer any questions and fund your double closing.
NO UPFRONT FEES ♦ NO ADDITIONAL FEES ♦ NO MONTHLY PAYMENTS
NO APPRAISAL ♦ NO CREDIT CHECK
A typical case study
So let's look at the process step-by-step with an example:
- The wholesaler enters into a contract to buy a single-family home from the original seller (let's call him A) for $300,000 - Part 1 of the transaction.
- The end buyer (call her C) signs a contract to buy the wholesaler's property for $350,000 on the same day as Part 1 (i.e., Part 2 of the transaction).
- The wholesaler delivers a BC contract signed by C (the end buyer) to the transactional lender.
- On the day of settlement, the transactional lender lends the funds to the wholesaler to pay A.
- Immediately after completing Part 1 (of the two-part transaction), the wholesaler closes Part 2 and collects C's money.
- C's payment pays back the transactional lender’s fee. The balance goes to the wholesaler's bank account as the realized profit.
- It may look like a complicated procedure, yet it's quite simple. A closing entity (e.g., an attorney or title company) is generally the middle entity acting for the wholesaler in Part 1 and Part 2 of the entire deal. They deal directly with the lender, the original seller, and the end buyer - removing the wholesaler from the heavy lifting.
Have a deal in NC ready for us to fund?
If you live anywhere in the country, we can help you. There are two simple options provided below. Choose one and get started on a road we guarantee you won't regret.