1.) When a prospective real estate investor or wholesaler contacts REI Investment Society, we immediately begin to assess which funding programs meets your needs to get you funded quickly to close your next deal. We gather data on the experience level, financial, and credit background of the borrower, if available. The more information the investor or wholesaler provides the quicker the deal can close with favorable terms.
It is a plus if the borrower, or representative, is prepared with the following crucial information at the point of initial contact: property address, purchase price, rehab or new construction budget, future expected value and exit strategy. If a proof of funds is needed to help secure the acquisition of the property, we can assist with that as well.
REI Investment Society will submit you a funding letter within 24 hours after the application is completed with all required documentation. We will walk you through the entire process fro the beginning to the end.
2.) Our loan process is extremely easy, apply online and provide the following information:
- Complete loan application
- Provide a purchase contract for the property
- Provide a written anticipated scope of work for the property
Once the above is completed, we schedule an appraiser to inspect and appraise the property, if necessary and only depending on the funding programing. As we proceed, we will ask for additional documentation that relates to the borrower’s experience, cash availability, income and credit. We will also want documentation regarding the project contractor or builder, property title history and property insurance. Our loans with our funding partners, provides approvals for business entities and individuals, so we will need to have the formation documents and EIN for the borrowing entity. All the paperwork must be in our possession prior to the close, but we can schedule the close, if needed, under the assumption that some paperwork is in process.
3.) Loan closing generally occurs at a title company office, although it also frequently occurs at an attorney’s office. At the close, there are typically two transactions that occur – the property purchase and the loan settlement. Investors will be required to sign a variety of loan related documents which will include (but are not limited to) a mortgage, note, security agreement, personal guarantee, investment affidavit and assignment of rents and leases if they are closing on a property that has tenants living inside. Once all documents are signed the loan will then be funded and disbursed by one of our lenders and you will be on your way to flipping your next property.