Before the Closing:
- You will have vetted:
- Us,
- The property,
- The documentation,
- The borrower, and
- The closing agent;
- We will have vetted you;
- You and the trustees will have e-signed an agreement to do the deal, with terms that include:
- Your investment amount,
- Your interest rate,
- The income stream being assigned to you, and when it will begin,
- The security for your investment,
- The amount and date of your good faith deposit,
- The closing date, and
- The closing agent;
- We will send that e-signed agreement to the closing agent;
- The closing agent will open an escrow;
- You will make a good faith escrow deposit with the closing agent;
- For repeat investors, this will be waived;
- We will inform the borrower of the planned upcoming change of the Zelle payments to you;
- The borrower will send you a test micropayment, via Zelle;
- You will confirm that you received the test payment; and
- The closing agent will:
- Perform a title check,
- Get all the necessary docs signed by you and the trustees,
- Confirm all the documentation is in order,
- Schedule your wire transfer of the loan amount, and
- Schedule the closing.
The Closing
- You will wire your investment to the closing agent; and
- The closing agent will:
- Record the official documents with the county,
- Notify the borrower that all future Zelle payments are to go to you,
- Send you and the trustees all the documentation, and
- Disburse the proceeds of the loan to the trust, minus all the closing costs.
Your only expense for the closing will be what your bank charges you to wire your investment to the closing agent.
After the Closing:
- You will get the income stream from the borrower;
- The trustees will, at no charge to you, enforce timely:
- Loan payments,
- Property tax payments, and
- Property maintenance; and
- If the borrower fails to perform, the trustees will:
- Step in and fulfill the obligations to you; and
- If necessary, foreclose on the borrower.