Why Choose Washington Capital Partners?
For starters, we can close most transactional funding loans the same day if you contact us. In addition, when you choose Washington Capital Partners as your lender, you’re assigned a dedicated expert to review your deal, answer any questions you have and since these are time sensitive projects, help get you to close as soon as possible.
Your expert will learn your needs and quickly facilitate underwriting while working with our in-house team of processors to get your project’s funding secured. Since wholesale deals are typically time-sensitive, our funding process is streamlined to ensure a fast closing for every viable deal. If you need a response or have a question, you can call your representative direct; instead of waiting in a queue for a random agent who doesn’t know your property deal.
We have developed this fast-funding system to seamlessly support all aspects of your back-to-back transaction. And unlike most hard money lenders, we support transactional funding past the 48-hour mark. If you’re waiting for funds from your end buyer or have any other issues, you have the option for extended transactional funding up to 5 business days. This is our way of empowering you to control the process and ensure timely delivery! And if your end buyer needs financial assistance, a loan specialist can expedite funding through a fix-and-flip loan.
Finding a motivated seller and prospective buyer can be the hardest part of doing a wholesale deal. That’s why you need a partner that knows funding inside and out – so you can focus on what you do and never have to worry about your access to capital. Let us be that partner by providing you with same-day, 100% funding and expertise to expedite it all. Fill out the form to the right to find out more and to get started funding your deal.
Questions and Answers About Transaction Funding Loans
What is a Transactional Funding Loan?
This option finances a back-to-back (simultaneous) closing. With these funds, a wholesaler can purchase a property from a seller and assign the contract to an end buyer; typically within 1-5 business days, making the process fast and easy. Because everything is time sensitive, many people use private lenders since large institutions cannot normally close the deal fast enough.
How Many Parties are Involved?
This involves three individuals:
- Motivated Seller – “A”
- Wholesaler – “B”
- End Buyer/Investor – “C”
How are they used?
Once the wholesaler “B” has a motivated seller “A” and a prospective buyer “C,” “B” can either use cash to purchase the property from “A,” and assign the property from ”A,” and assign the purchase to “C,” or seek out transactional funding from a hard money lender.
“A” will sell a property to “B” (AB Closing) and “B” sells to “C” (BC Closing).
What do I need to be eligible?
To be eligible you need to have 3 things:
- A motivated seller
- A business entity, such as an LLC/Inc.
- End buyer who must be ready to close immediately. The title company must send written confirmation that the cash is in their escrow account.
With all 3 of these items ready to go upon contacting us, your dedicated loan specialist will be able to facilitate an underwriting faster and increase the chances of getting your loan funded within 24-48 hours.
Is a Proof of Funds (POF) Letter provided by the lender?
Yes. Your lender will provide a POF letter to your seller to prove that you have the funds to purchase the property. This document gives you official backing by an established/official financial institution.
Are there any upfront fees?
The borrower will pay an Origination Fee (percentage points of the loan amount) for the loan. Unlike a fix-and-flip loan that requires you to pay both an Origination Fee and bring a large down payment, no down payment needed to be a wholesaler. This is why wholesaling great way for you to get your start in real estate investing with minimal costs.
Is there a processing fee?
Yes. At closing, you will be charged a processing fee of $1,000. This is separate from the Origination Fee. This fee covers the cost for a lawyer to review all documents and certify that the property and title meet all legal criteria needed to close.