Call: 617.958.7798
Email: [email protected]
FAQ
We understand that partnering with an EMD Lender may be thinking outside the box and our investors may have a lot of queries and questions. Don't worry we took care of it. Here are some of the frequently asked questions. If you have any other question, feel free to get in touch with us.
Frequently Asked Questions
What is EMD Lending, and how does it work?
Most contractual transactions require some form of financial deposit to demonstrate the buyer's commitment to follow through with the sale.
We offer financing for these deposits, allowing you to make more competitive offers and secure multiple deals with ease.
How quickly can I access funds for EMD?
We understand that time is of the essence for many of these deals. We are not bound by a 9-5 schedule and will work expeditiously to get your request processed and funded.
Once documents are received and contracts executed, funding can be completed within a few hours to a couple of days.
Why would an investor need an EMD Lender?
Active investors benefit from EMD Lending because it gives them the ability to place multiple deals under contract without tying up their own capital. This way, they aren't limited by their liquid funds when determining how many deals they can secure.
What fees are associated with EMD Funding?
We use a simple flat fee structure for our loans. You'll pay a minimum non-refundable deposit upfront, which is credited towards the final fee payment. There are no hidden fees, inspection fees, or closing costs
What are the eligibility criteria to obtain Funding?
Several documents are required, including an executed...
Purchase and Sale Agreement Must include language expressing full refundability of EMD during the inspection period or an addendum expressing same. Must be signed and agreed upon by all parties.
Joint Venture Agreement with EMD Assignment We require a JV Agreement on the deal that expresses the terms or repayment and distribution of EMD should a deal not close. This document is submitted to the Closing Agent with signed acknowledgement of understanding of the deal.
Where applicable, all parties must also sign a Mutual Release of EMD Agreement.
Assignment Contract (if applicable): Wholesalers assigning the contract to another end buyer, must produce an execute documents showing the assignment of rights.
*End Buyers: The inspection period must extend to the closing date and remain fully refundable during that time.
Our team will assess your individual situation to determine your eligibility and provide guidance throughout the process.
Do I have to close with the same Closing Attorney/Title Co. ?
We request both A-B and B-C contracts to be closed from the same Title.
Under certain circumstances this can be waived but generally, we require one Closing Agent for the entire transaction.
How long is the loan term?
30 Days If the loan does not close by the end of the term, the borrower will be required to file for an extension.
What if the deal doesn't close?
Before the end of the inspection period your job is to bring in an end buyer who will make an nonrefundable EMD that will replace ours.
When the deal closes, we receive our EMD plus applicable fee.
If the deal does not close, our principal EMD is returned.
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