Thank you for your interest in Loaning4Less.com. Below is our FAQ page. If you have any further questions, please feel free to contact us.
- Can I use my own Title Company or Closing Attorney with your transactional funding?
Yes, you can choose your own closing agent; whether that is a title company, closing attorney or other escrow agent. We will verify their credentials prior to closing. If you need a referral, we have a vast network of closing agents that we have worked with previously, to help close your transactions. Regardless of whom you choose, we will be here to work with them to ensure a smooth and seamless sameday closing.
- Why, in some cases, do I need to use two different closing agents for a simultaneous closing?
In many cases, the bank will mandate a closing agent to facilitate your purchase from the bank. Generally, these closing agents are under contract with said bank and are limited in their capacity to conduct simultaneous closings. In this situation, we suggest utilizing a second closing agent for your resale transaction with your end buyer. It does take slightly more coordination, but in the end, gets the job done!
- Do you provide funding for more than one day?
We provide transactional funding to accommodate all of your wholesale (flip) needs. Funding is available for 24 hours, allowing you to flip your property using our wet funds! On occasion, due to geographic location or wire submission deadlines, funds may not be returned until the following business day. This is evaluated on a case by case basis and is not usually an issue. Any requests that do not fit the above guidelines should be directed to our Funding Team. If we cannot assist you, we will make every effort to help you locate an alternate resource to meet your needs.
- Are your Proof of Funds Letters accepted everywhere?
Yes, our Proof of Funds Letters are ACCEPTED EVERYWHERE. Our Proof of Funds letters are provided on official letterhead through Finger Lakes Funding. On occasion, an agent or bank representative may request a Verification of Deposit, or VOD, in the form of a bank statement or other verifying documentation. When faced with this, please ask the requesting party to contact Finger Lakes Funding by email (preferred), by phone at (607) 241-6460 or by fax at (607) 936-2300. We will respond expeditiously to support your funds availability.
- What information do we need to provide for the Proof of Funds Letter?
We have two options. In either case, the letter will be generated in our name, our entity’s name or both. If you desire a property specific letter, please be ready to provide the address information for your subject property and amount required. For a blanket letter, only an amount required is necessary.
- How soon can I obtain a Proof of Funds Letter?
You are able to receive your own Proof of Funds Letters on demand at anytime after compleating your training with your personal coach.
- What is the cost for your transactional funding?
We offer the most competitive rates in the industry. We do NOT charge any type of minimum fee and there are no minimum amounts requred with our funding. You only pay for what you utilize; 3 points for amounts under $100,000 and only 2 points for amounts over! We absorb all administrative, wire, and processing fees!
- Do you cover closing costs?
Yes, you may request any amount necessary to cover your closing costs and any other fees associated with your transaction. This helps to limit your out of pocket expense.
- How much funding may I request?
We will fund amount up to $600,000 per transaction. There is absolutely no limitation on property type. If you can flip it, we WILL fund it!
- What if I am having trouble with my title company in regards to utilizing your funding?
Please fee free to contact our Funding Team directly for assistance. We are more than happy to work with the title company in facilitating your closing.
- What about FHA?
FHA requirements did demand a minimum of 90 days seasoning in regards to title. Whereas transactional funding would not be available for theses types of transactions, but that has been suspended for the rest of 2010. Please contact Funding Team for further details. http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
- Does my credit or income affect my ability to use your funding?
We do NOT have any type of credit or income requirements associated with our program! Unlike others, we do NOT base fees or approval on your background or current financial situation. Everyone qualifies for funding!
- Once I have a deal on the table, how do I request the transactional funding?
You simply work with your assigned representitive. Provide us with your basic contact information to confirm your qualified status and, upon verification, we will provide the forms required for closing.
