Can Brittco fund a flip or a double close in New York?
Yes. In New York, 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 New York. 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 New York?
In New York, 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 New York?
New York closings are conducted by attorneys, and downstate files often include a title company as well. A double close has to satisfy both the attorneys and, if the end buyer is financing, that buyer’s lender. Confirm the sequence in writing with the closing attorney.
Deeds are generally recorded with the county clerk. In New York City the city register is involved. Ask which office applies before you promise a same-day result.
What should you confirm about transfer taxes and recording?
New York transfer taxes can apply at the state level and, in some cities, locally. Confirm every charge with the attorneys. Your closer confirms the current rates for this file.
How does a double close work in New York?
A double close in New York 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 New York?
Can Brittco fund a flip or a double close in New York?
Yes. In New York, 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 New York?
New York closings are conducted by attorneys, and downstate files often include a title company as well. A double close has to satisfy both the attorneys and, if the end buyer is financing, that buyer’s lender. Confirm the sequence in writing with the closing attorney.
How are deeds recorded in New York?
Deeds are generally recorded with the county clerk. In New York City the city register is involved. Ask which office applies before you promise a same-day result.
What about transfer taxes in New York?
New York transfer taxes can apply at the state level and, in some cities, locally. Confirm every charge with the attorneys. 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 New York?
Send the property, the amount, and the two closing dates. Same-day funding is 1%.