Who Qualifies for a Trustee Sale Loan?
As an asset-based lender, we do not conduct credit checks or other invasive and time consuming checks for a loan. All that the borrower will need to take care of is submitting their request, the doc fee, and, once the terms are accepted, their monthly payment.
Since Capital Fund 1 does not do credit checks, they underwrite the property in house to come up with a loan quote. This allows them to provide same day loan quotes for trustee sale loans. Once the borrower agrees to the loan amount and the terms that go with it, our team services the loan and is able to provide financing on time. Since Capital Fund 1 has been providing trustee sale loans since 2009, they have not missed a closing for trustee sales.
Things To Consider When You Buy From a Wholesaler
When you receive a trustee sale loan to purchase a foreclosed property, potential buyers will provide their offers based on the wholesaler’s asking price. The benefit of this method is that the price of a wholesale property will most likely not increase, so you can offer lower than the asking price. However, you won’t know what other people are offering, but you could ask the wholesaler about the typical offer amount to determine what you are willing to spend. At this point, you have a better idea on what kind of profit you would make, based on the purchase amount and potential renovation budget.