Flash / Transactional Funding for 30-120 days
So I was on the webinar last night from the short sale kid because my email was getting bombarded with how they figured a way around the whole title seasoning issues -- even for FHA. I half-way listened through the first 45 minutes of them selling themselves and finally they got to the meat of it. Basically they have set up a relationship with a funding source named Aegis Capital Holdings who has started a new company specifically for flash funding called Aegis Real Estate Partners -- I did some research and didn't find anything on their flash funding. They are offering transactional funding for up to 120 days and even longer on a case-by-case basis. Supposedly this is exclusively for Nathan's students if they enroll in the FixAFlip training program, which is really expensive.
The fee structure is very reasonable in my opinion and of course it gets more expensive the longer it takes to close the B-C side. It's roughly 2% for 24 hour funding. (I won't give the complete breakdown), 16-30 days is 3.5%, 45-60 days is 7.5% and 96-120 days is 18.5%. They JV with you on the deal and I mean this is tremendous. Obviously if possible I would rather use the 24 hour funding to keep the cost low. But this is huge for BoA 30 day restriction and only cost 3.5%. And of course if we can start selling to FHA that is huge (though it may not be cost effective). I'm more interested in the 30 day funding.
So has anyone ever heard of Aegis. I know that Will Bernard is offering 30 day funding (and no this isn't a plug), but just hoping more funders offer longer than 24 hour funding.
Later.
Moe
P.S. I am in no way trying to endorse anyone -- in fact I've never bought anything from short sale kid. Sad that I have to put this disclaimer!