How it Works
Here’s how the process works:
We go out and find a great deal that fits our buying criteria. Once we have it in contract, we will present the details of this particular deal to you and you can decide whether to pass on it or whether you are interested in lending on it.
Once you decide you would like to lend on this deal, we would ask for a Letter of Commitment and we would submit the deal to the title company to start preparing the closing.
The title company will conduct a title search and prepare the documents needed to close.
A few days before the closing, you will need to send certified funds to the title company and they will hold the funds until all the paperwork is signed and the property is closed.
You will get a promissory note (outlining the terms of the loan we both agree upon) as well as a mortgage.
There will be a title insurance policy issued to insure clear title on the property.
We will also have a fire and hazard insurance policy on the property with you named as the lender insuring your investment from fire and other typical hazards covered in those policies.
