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No Upfront Fees, No Credit Checks
Qualifying for funding is simple. No experience is necessary, and we don't charge any upfront fees or perform credit checks. The funding is based on the transaction itself, and you don't have to pay a cent until the deal is closed.
Banks only sell their properties for cash and the first things the bank that owns the property will ask you for is Verifiable proof of funds.
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Transactional Funding
is meant for a someone who has a cash buyer or somebody with a credit line or mortgate commitment from their bank, and they have seen a property that they want to sell to that cash buyer but, they (the seller does not have the cash to pay for that property they want to sell to the cash buyer). Usually, it's bank -owned properties (REO properties).
Banks only sell their properties for cash: and the first things the bank that owns the property will ask you for is verifiable proof of funds.
How it Works at BMU Realty: You as our client who has a cash buyer, and you want cash to buy the property from the bank so that you can sell it to your cash buyer: you come to us with your detailed information of course. The detailed information of the property plus how much cash the bank is selling it for. And also, the detailed information of your buyer and how much the buyer is paying it for (buyer’s all in final price).
We at BMU Realty will send all those details to our funding group. (please remember that all banks including our funding group require a processing fee of at least $500.00 up-front when you are borrowing between $200,000 to $500,000. (the deal itself will be funded 100% in cash). But the processing fees of $500 or so is non-refundable.
Where BMU Realty Comes In
We will team up with you. We at BMU Realty will pay for the processing fees up-front on your behalf, and you will get verifiable proof of funds from our transaction funding group with your name plus your company’s name on it. The bank will then verify those proof of funds from our funding group’s bank to make sure it is available in cash and with your name/company on it.
Once the bank that owns the property confirms, the bank will give you 24-48 hours to deposit the cash into an escrow account. At that very moment, your cash buyer would have already deposited his funds into an escrow account. Our funding bank will deposit 100% cash into the same escrow account as your cash buyers. The
same person or lawyer who will be dispatching the money to the bank that owns the property will be the same person that will pay (you as the seller your profit, 1.60%-2.50% + principal) to our funding group, closing costs, plus BMU Realty’s $500 fee that were given to you and a certain percentage of your earnings.
BMU Realty fees are based on negotiations. sometimes it's only 18% of your earnings. For example, if you make $30,000 net profit, BMU Realty will take $5,400, and you take $24,600, which we think is a fair fee based on the services that we have provided.
That Is How Transaction Funding or Same Day Close Works
Summary of What is NOT Required.
No Credit Check
No LTV
No income Verification
No Up-Front Fee.
The Deal depends on the Transaction its self.
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Summary of What is Required.
First Contact the seller and negotiate Price. Then contact Bank (that owns the Property) and Negotiate the Price on behalf of the seller.
Purchase and Sales Agreement between you and Bank (Seller). Either Pre-Foreclosure or Bank Owned. Bank owned Preferred Because it closes Faster.
Sales Agreement Between you and Your Buyer.
Mortgage Commitment or Proof of Funds from your Buyer or your Buyer’s Lending Bank.
Title Company information. Licensure. Commitment.
Please send in your Paper Work Two Weeks Before
info@bmurealty.com
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What you as our Client Gets:
Verifiable Proof of Funds $200,000 to $500,000. If you need more than that, you will be considered on case by Case basis.
The Transaction is Funded 100%.
BMU Realty pays for your Processing Fees Up-Front. So, NO Up-Front Fees on your Behalf.
Please Remember that we are Privately Funds. So, the Funds are available in Cash.
We Fund you as our Client and Your buyer is Funded by his Bank or his Cash.
Funds will be Wired to the dispatching Agent in Cash. Same Agent for both Transactions.
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Interest
Rates:
1-3 Business Days:
1.60%-2.5%.
2-38 Business Days:
3.5%-6.5%.
If you are Borrowing Less than $150,000.
You will be asked to pay a down payment of $2600 plus a Processing Fee of $600-$1200 Up-Front. That is why we do not like it. Unless its Un-avoidable. If that is the case, you still get Funded 100%, plus an interest rate of 1.6% to 2.5% for same day close or 3.5%-6.5% if you need to hold on to the Funds from 2-38 business Days.
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