Can Brittco fund a flip or a double close in Illinois?
Yes. In Illinois, Brittco funds the purchase in a double close, a fix and flip with rehab draws, and a short-term loan on investment property.
Brittco Capital, Inc. funds the A-B purchase so you can resell in Illinois. Same-day is 1%. A resale within 7 calendar days is 2%. Fix and flip loans and short-term private money are priced with the property.
Which loans are available in Illinois?
In Illinois, three business-purpose loans cover investment property. Transactional funding pays for the purchase in a double close. A fix and flip loan covers the purchase and the rehab. A private money or bridge loan covers a short hold until a sale or a refinance.
Transactional funding ·Fix and flip loans ·Private money and bridge loans
How does a closing get funded in Illinois?
Illinois investment closings are commonly run by title companies, and some counties expect an attorney at the table. Ask the title company which pattern applies and whether it will insure a same-day double close.
Recording is generally with the county recorder, or the county clerk in counties that use that office. Confirm the office before you set a same-day time.
What should you confirm about transfer taxes and recording?
Illinois transfer taxes can include state and local pieces, especially in Chicago and some suburbs. Confirm every line with the closer. Your closer confirms the current rates for this file.
How does a double close work in Illinois?
A double close in Illinois uses two contracts: the A-B purchase and the B-C resale. Brittco funds the purchase. The closer on the file records the deeds, collects transfer charges, and orders the wires. Set the closing date with that office before you send the request.
What does a worked fee example look like?
On $150,000, the estimated fee is $1,500 for a same-day close (1%) and $3,000 if the resale closes within 7 calendar days (2%). Estimate only, not a quote.
Fee calculator ·How a double close works ·All states
What questions come up about Illinois?
Can Brittco fund a flip or a double close in Illinois?
Yes. In Illinois, Brittco funds the purchase in a double close, a fix and flip with rehab draws, and a short-term loan on investment property. Same-day transactional funding is 1%. A resale within 7 calendar days is 2%. Fix and flip and private money are priced with the file.
Who typically closes in Illinois?
Illinois investment closings are commonly run by title companies, and some counties expect an attorney at the table. Ask the title company which pattern applies and whether it will insure a same-day double close.
How are deeds recorded in Illinois?
Recording is generally with the county recorder, or the county clerk in counties that use that office. Confirm the office before you set a same-day time.
What about transfer taxes in Illinois?
Illinois transfer taxes can include state and local pieces, especially in Chicago and some suburbs. Confirm every line with the closer. Your closer confirms the current rates for this file.
What is the estimated transactional fee?
On $150,000, the estimated fee is $1,500 for a same-day close (1%) and $3,000 if the resale closes within 7 calendar days (2%). Estimate only, not a quote.
Fund a flip or a double close in Illinois?
Send the property, the amount, and the two closing dates. Same-day funding is 1%.