Tools ‘N’ Tactics is our newest series. It highlights the best apps, tools, and tactics to help make your mortgage business easier, faster, and more profitable.
Scott talks with Neil Beaumont from Deposit Financing. Deposit Financing is a private company that lends money to people that have a firm offer on a home they are selling. They offer fast financing with no additional fees, no payments, and no repayment until the house is sold.
What is Deposit Financing?
- We are a private company that lends money to people that have a firm offer on a home they are selling.
How Does It work?
- Do you need appraisals?
- What would be a no for you?
- When someone has negative equity.
- We can’t go over 75% loan to value.
- There are no payments until the sale is complete.
- No legal fees.
- If I needed to borrow $30,000 what would that cost?
- We only charge 5%
- What is the biggest problem with getting these loans set up?
- We require an assignment of funds and we need a Lawyer or Notary to sign off on it.
- How can brokers use this?
- Quick funds. Money can be ready the next day.
- Ask ahead of time where the client’s deposit funds are coming from.
Benefits of Deposit Financing Loan
- No Appraisal Required
- No Credit Check
- No Income Verification
- No Payments
- Easy Application
- Repayment Not Due Until Sale of Your Home
- No Legal Fees