The Funding Process
Once you're a member.
Step One
Submit a Funding Request
Submit an application for your project and schedule an Entrance interview with the Underwriting team.
Step Two
The Due Diligence Package
Our Funders require that you purchase a due diligence package directly from them for the subject property, prior to committment for funding.
Step Three
Woohoo! You recieved your term sheet
Once you've decided that this type of funding makes sense for your your deal, the Funder will send you a term sheet laying out the funding terms and conditions for your signature. For clients looking to purchase property, this is the time for you to finalize your negotiations and secure Purchase and Sale agreements with the seller, if you haven't done so already.
Step Four
Almost there! Pre-Closing document preparation
This step focuses on preparing all of your documents for closing. A title searched is ordered to identify the legal owner of the property and determine if there are any claims or judgments against the property. Next, the Purchase or Purchase and Sale Agreement is transferred to the funder and the funder provides you with a Buy Back Agreement and Lease Option. Finally, its time to select your title company for closing. The funding team will provide guidance through this process to make sure everything goes smoothly.
Step Five
Closing through title company/attorney
This is the final step in the process. Closing is when the funding transaction is officially completed. The seller or borrower, depending on whether its a purchase or currently owned property, will sign the deed to property over to the funder. Once all paperwork has been signed and funds have been disbursed, the funder is officially the new owner of the property. Funding will be disbursed to cover all encumbrances (mortgages, liens, etc) against the property first, providing the funder with a free and clear deed. Any additional encumbrances not satisfied by the approved funding amount will be the sole responsibility of the borrower and must be satisfied at closing, providing the funder with a clear and free deed.
DEEDFUNDS IS FOR NON-PRIMARY RESIDENT PROPERTIES ONLY