Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
Hello.... I have an individual asking about borrowing some transaction funds in SW Florida. I haven't done these and haven't paid attention to average rates for this type of transaction. Thoughts? @Jay Hinrichs? Any other lenders doing those that can chime in would be appreciated.
Rental Property Investor · Asheville, NC · Member since 2015 · 307 posts · 127 votes
10y
John,
Coming from the other side, depending on the size of the deal, and the length of time, I've paid anywhere from $500.00 (A-B C-D closing, held funds for less than an hour), all the way up to $5,000.00 ($2,000,000.00 home, cash buyer contingent on their sale closing. Deal held over for almost five full days - charge was $1,000.00/day, $1,000.00 accrued at 5:00 PM daily). Depending on how strong the buyer is, and how well you know your client, charge accordingly.
Rental Property Investor · Asheville, NC · Member since 2015 · 307 posts · 127 votes
10y
John,
Coming from the other side, depending on the size of the deal, and the length of time, I've paid anywhere from $500.00 (A-B C-D closing, held funds for less than an hour), all the way up to $5,000.00 ($2,000,000.00 home, cash buyer contingent on their sale closing. Deal held over for almost five full days - charge was $1,000.00/day, $1,000.00 accrued at 5:00 PM daily). Depending on how strong the buyer is, and how well you know your client, charge accordingly.
Lender · St. Louis, MO · Member since 2009 · 348 posts · 164 votes
10y
Typically, the rate for one day transactional funding is about 2 points plus a transaction fee. This would be for a double closing the same day with the same title company.
Coming from the other side, depending on the size of the deal, and the length of time, I've paid anywhere from $500.00 (A-B C-D closing, held funds for less than an hour), all the way up to $5,000.00 ($2,000,000.00 home, cash buyer contingent on their sale closing. Deal held over for almost five full days - charge was $1,000.00/day, $1,000.00 accrued at 5:00 PM daily). Depending on how strong the buyer is, and how well you know your client, charge accordingly.
-Ben
Hi Ben,
I am in Northern California and looking for a transactional lender that would lend high loan amounts. The lender that you did the $2M transaction with, do they lend in CA? Would greatly appreciate you passing the contact info if you don't mind.
Lender · Albuquerque · Member since 2014 · 18 posts · 2 votes
10y
Melissa, when you say with a 24 hour close, do you mean you can close within 24 hours of getting all the docs you need or that you will lend transactional funds out for 24 hours? Thanks, Bob