"Gator" / Earnest Money Deposit (EMD) Funding
If you need to come up with an earnest money deposit to fund your wholesale transaction or purchase pending financing from a traditional lending institution, we can help you bridge that gap.
Realistically, we will probably need at least 24 hours notice to close because there is more paperwork that needs to be verified with the escrow agent versus a double close. But if we get all the paperwork in order and can contact the escrow agent and confirm the documentation with them, we can fund the same day.
Do you have a project you need funding for now? Click below to submit your deal for review!
Main highlights as follows:
- Ideal for wholesalers who do not have money to fund earnest money on the front end (A to B) transaction.
- We can also provide EMD for other transactions such as when the financing is pending on the deal.
- We have a purchase and sale contract made for wholesalers that you can use which will streamline the process since it was written to protect all parties and ensure we get our EMD funds back if the deal does not close.
- If you are in a mutual release state and have not used our contract, then you will need to have your buyer sign a mutual release agreement for us to fund the deal, and the escrow agent must be agreeable to that. That is the only way we can protect our EMD funds get returned to us promptly if the deal falls through.
- You will need to have plenty of time remaining in the inspection period for us to fund a transaction. We reserve the right to cancel the deal unilaterally three days before the inspection period expires if an end buyer has not funded the EMD. Generally we will do so 24-48 hours before the inspection period ends to protect our funds, depending how likely the end buyer is likely to fund escrow.
- We require a 5% upfront, nonrefundable deposit that will come off the fees for a completed transaction. This is to partly cover our administrative due diligence costs and partly to ensure the buyer has skin in the game to insure he or she believes it is a viable deal and it will close.
- If you need help finding an end buyer, let us know and we can tap our network to see if we can find prospects for you.
Have a Specific Project You Need Funding For Now?
Click the button below to submit your deal for review. Someone from our underwriting team will get back to you within 24-48 hours to discuss the deal.
