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Anyone looking to sell an additional funding product to their clients this would be the route to go. This is really great for brokers to get into the real estate side of the business and also help not only merchants, but any customer that owns real estate.
Alternative to a cash out refinance
· Works for an individual or a business that has equity in a property but is unable to do a cash out refinance, They want to continue to occupy the property and want the ability to buy the property back with in 16 months at 75% of the current value
· Any credit we don’t consider credit
· No proof of income financial or tax returns needs.
· Past due mortgages property taxes OK (must be less that 50% of the home value.
· Very low payment (in the form of monthly rent payment
· Option to repurchase property within 16 months for 75% of current value. (plenty of time to repair credit and get qualified for traditional financing.
How it works we will buy a property for 50% of the current value, and lease it back to the owner at a reduced monthly rate. Typically ½ or less of the market rate (monthly rate of 0.0065% of current value. ($100K house value = $650 monthly rent payment.
Option to repurchase the property back anytime without penalty within 16 months for 75% of the value at purchase. Exp. Property is valued at $100K. We buy it for $50K. They repurchase it for $75K.
Option is recorded with the county providing a legal fee ownership in the property, property can not be sold while the option to purchase is in effect. Protecting the seller.
Brokers or agent paid 10% commission on purchase amount of every deal
We need the property to address the legal owners' names (names on deed) if held in a business or a trust or if one of the owners is deceased we will need additional paperwork to document the ownership.
Any liens on title will have to be paid off at closing, tax liens, judgments mortgages etc. will need to be paid off at closing. Title insurance is required. In most cases a full appraisal will not be needed.
Customers get cash and keep the property with the option to repurchase.
My number is 361-717-1477; Matt@ironwoodfinance.com
Alternative to a cash out refinance
· Works for an individual or a business that has equity in a property but is unable to do a cash out refinance, They want to continue to occupy the property and want the ability to buy the property back with in 16 months at 75% of the current value
· Any credit we don’t consider credit
· No proof of income financial or tax returns needs.
· Past due mortgages property taxes OK (must be less that 50% of the home value.
· Very low payment (in the form of monthly rent payment
· Option to repurchase property within 16 months for 75% of current value. (plenty of time to repair credit and get qualified for traditional financing.
How it works we will buy a property for 50% of the current value, and lease it back to the owner at a reduced monthly rate. Typically ½ or less of the market rate (monthly rate of 0.0065% of current value. ($100K house value = $650 monthly rent payment.
Option to repurchase the property back anytime without penalty within 16 months for 75% of the value at purchase. Exp. Property is valued at $100K. We buy it for $50K. They repurchase it for $75K.
Option is recorded with the county providing a legal fee ownership in the property, property can not be sold while the option to purchase is in effect. Protecting the seller.
Brokers or agent paid 10% commission on purchase amount of every deal
We need the property to address the legal owners' names (names on deed) if held in a business or a trust or if one of the owners is deceased we will need additional paperwork to document the ownership.
Any liens on title will have to be paid off at closing, tax liens, judgments mortgages etc. will need to be paid off at closing. Title insurance is required. In most cases a full appraisal will not be needed.
Customers get cash and keep the property with the option to repurchase.
My number is 361-717-1477; Matt@ironwoodfinance.com
