Simultaneous Closings:
Benefits for the Seller and Buyer
Simultaneous Closings can benefit the buyer and seller. The seller created an Owner Financed Note with the buyer. Both parties agreed to the certain terms and conditions prior to the closing. The seller sells the Owner Carried Note to JS Note Funding Group Investors for top dollar with no fees or closing costs.
There is a second closing shortly after the first closing on the Mortgage Note. No fees to the seller. All closing costs paid. The seller sells their Owner Financed Note to JS Note Funding Group.
When there are funds from a bank or other lenders for a Real Estate Sale, closing day is usually when the documents are signed and or recorded with the county and sale is complete.
For all programs, the borrower must have at least average credit with a minimum credit score of 650 and the property must have a minimum value of $75,000. Also, in order to minimize the discount, we recommend a note rate of at least 9%.
FULL PURCHASE 80-10-10
Property Type: 1-4 Family and Mobile Homes w/ Land
Down Payment: 10-15% cash down from borrower
Second Mortgage: 10% Seller Carry Back 2nd Mortgage
Loan Purchase: We buy 80% 1st (we purchase whole loan) Flips allowed (seller of loan can own property for less than 1yr prior to resale.)
Advantage - Seller sells entire 80% loan - Seller receives cash down, cash from loan sale and income from the second.
FULL PURCHASE 5-25-70
Property Type: 1-4 Family (No Mobile Homes)
Down Payments: 5% Down from borrower
Second Mortgage: 25% Seller Carry Back 2nd Mortgage
Loan Purchase: We buy 70% 1st (we purchase the whole loan) Flips are not allowed (seller of loan must have owned property for 1yr prior to resale)
Advantage - Buyer puts little down - Seller receives cash down, cash from loan sale and income on the second.
PARTIAL PURCHASE 5-95
Property Type: 1-4 Family (No Mobile Homes)
Down Payment: 5% cash down from borrower
Loan Purchase: Seller Carries 95% 1st and we buy a partial to 65% of the properties value Flips are not allowed (seller of loan must have owned property for 1yr prior to resale).
Advantage - Buyer puts little down - seller retains a large interest in the loan - most cash overall. Seller receives cash down, cash from loan sale and large partial interest.
If you have a simultaneous deal that FITS the above guidelines, or if you need further information, please call us at 269-873-9898 or you may submit your request by e-mailing Jason Smith at
jason@jsnotefundinggroup.com
Although JS Note Funding Group buys and sell some NOTES and BROKER the remaining our investors may have other GUIDELINES regarding LOAN PURCHASES (notes).
Although the above programs do not apply to COMMERCIAL PROPERTIES, we do have excellent RATES for COMMERCIAL SIMOS.