Where To Find Your Deposit Money
Transactional funding does offer 100% financing to cover both the acquisition price plus closing costs, but if you have to come up with a deposit to get a signed contract and you are running short on cash what are your options?
Obviously reaching out to friends and family isn’t ideal. You can try other investors and offer them a piece of the pie but that can really dig into your profits and mean giving up some control. Though don’t give up yet.
If you still have a regular job too then you can always try getting a payday advance loan. Normally they do not require any credit checks and can be funded in hours. You can also get a cash advance from one of your credit cards and pay it off within the grace period to avoid finance charges. If you don’t have a credit card or good credit and you do have savings but just don’t want to use them, then consider a secured credit card or secured line of credit from your bank. This will also help rebuild your credit rating.
If your credit isn’t bad then what about a signature personal loan from a local bank? Of course it is much better to keep your personal and investment credit separate and you will want to register a business to work under if you haven’t already. This opens the door to obtaining a business line-of-credit or even getting an AMEX card.
If none of the above are options, don’t panic yet. Transactional funding is often referred to as ‘flash funding’ for a reason - you can close in just days. There is a good chance that if you can close fast enough you won’t even need to make a deposit. If you absolutely must then ask your transactional lender about a Proof-Of-Funds (POF) or Verification of Deposit (VOD) letter which may be sufficient to help you get the deal accepted.
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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"To you I say, ”KUDOS to Best Transactional Funding and Thank you for providing the education and services to Real Estate Entrepreneurs like me. Please keep up the good work!'"
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"You each deserve high marks for your wonderfully quick response time to each of our questions and requests! You hit home runs with us! Your application system was easy to use. Our deal met your qualifications and every time Rob Kozak or any member of Mystic Properties, LLC phoned, we received a "real" person dialing back to speak with us.
Your patience and persistence were exceptional in dealing with our business interests. Thank you for such great customer service! We look forward to working with your staff, again, in the future. We like referring people to you, as us, our team would have missed-out on an excellent earning opportunity.
Your help negotiating with our title company made our back-to-back deal, finally happen. People noticed on settlement day how effectively and efficiently your part of the transaction was organized and executed. Again, thank you for truthfully being the "BEST" at what you do!"
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"Boy, you guys are impressive! I can’t thank you enough for scrambling and getting my deal done at the last minute like that. You and your team were awesome!"
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- Ericka B., Real Estate Investor, CA
