As Easy as 1, 2, 3...
The process, from quote to funding, should take about two to three weeks. We could tell you it would take 2 - 3 days, but that is just not the case. We speak from years of experience.
The length of time it takes to get your cash is largely dependant upon you, the note seller. As with most things in life, the devil is always in the details. It is no different when it comes to selling your note. For example, if you are extremely well organized, you may have a complete file with all of the closing papers from when you sold the property, along with a copy of every monthly payment ever received. While probably too good to be true, it would be a big help to us. Things can slow down when certain items are missing, such as the original note or the closing statement. Often times people do not know where anything is.
At this point in the game, just understand that these are the types of issues that can speed up or slow down a transaction. But rest assured that we have seen it all and we are able to move as fast as you are able to provide us with the paperwork to review.
Real estate notes contain all sorts of complicated and, quite frankly, boring paperwork, which must be reviewed on our end in order to make sure we know what we are buying. In addition to the paperwork, the current property value needs to be determined so we know what the story is with the loan's collateral. Once the property and paperwork have been reviewed, we like to take a look at the creditworthiness of the borrower. Perhaps you have heard someone mention the three C's of underwriting: Credit Score, Collateral and Capacity. All three are crucial to our decision making process.
As you can see, there is much work that is undertaken when reviewing a note for potential purchase. However, this is what we do at Red Mountain and we love doing it. As long as you have the basic documents, we handle doing everything else for you.
Oh yeah, once last thing. We pay for everything. There are no fees on your end, whatsoever. We never charge you for anything, even if we do not buy the loan. That is our promise.
