If you’re a real estate developer in the DC area, you know what it’s like.
It’s the deal of a lifetime, but you need time to get the money together. Maybe you’re waiting for cash proceeds from the sale of another property, or your investors need you to put your own money in the game first.
The real estate business moves fast in DC, and you shouldn’t have to risk losing the deal because your money is tied up elsewhere.
SoftDeposits, a new venture from New York-based Winchester Equities, specializes in a brand-new approach to funding good faith or earnest deposits for commercial real estate transactions. Upon reviewing and approving the purchase agreement, SoftDeposits is able to fund 100% of the escrow funds for the duration of the due diligence period.
It’s not structured as a loan, so SoftDeposits doesn’t perform credit checks or appraisals, and they don’t require personal guarantees or collateral. You remain in control of the deal, and you decide whether to go hard on the contract.
If you’re working with the prospective buyer — for example, as a lender, attorney, architect, or broker — connecting him with SoftDeposits can help you in the long run. By providing your client or prospective buyer with a means to put down their good faith deposit, you increase your chances of receiving your fee from a successful deal… and you may be eligible to receive a referral fee from SoftDeposits.
Photo courtesy of Mr.TinDC via Flickr.
This article originally published at http://dc.urbanturf.com/articles/blog/how_to_come_up_with_the_deposit_for_your_real_estate_deal/9728
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