What is a proof-of-funds letter?
When a seller asks you to show that purchase money is available, a proof-of-funds letter can come from a file we are reviewing. The letter belongs to that file. It is not an approval. Start with the contracts and the closing dates.
When would a letter come up?
Some sellers want to see that the purchase money is lined up. On a file we are reviewing, a letter is one way to answer that. It travels with that file, and it is not an approval.
What should you send first?
Send the contracts and the closing dates through Request Funding, then upload documents in the borrower portal. That is the path that lets the lending desk work the file.
Sellers and closers can email john@brittcocapital.com and put the property in the subject.
How does the letter relate to the fee?
The letter, when we issue one, does not change the fee card. A same-day double close is still 1%. A resale within 7 calendar days is still 2%.
Where should you go next?
Have a double close on the calendar?
Send the property, the amount, and the two closing dates. Same-day is 1%. Within 7 calendar days is 2%.