Our Private Lending Program for Wholesalers or Joint Venture Partners will not only allow to scale faster but also get better at analyzing deals.
What We Charge For Real Estate:
We aim to receive 2.5x times our capital allocated to pay form the Earnest Money Deposit (EMD)
Time frame preferred is typically 60 days or less loan for the loan period.
Example: EMD is $1,500.
When the property is sold we will get $3,750 from your assignment fee.
Better options are available for those that have experience, a cash buyers list and backlog of closed transactions, or proof of closure, showing the ability to execute.
**In certain circumstances we will charge less depending on the terms, experience, collateral and amount of capital allocated.**
1. The assignable contract must be structured in which we have the right during the inspection period to receive the money. If for some reason the wholesaler or seller either have a disagreement or if anyone backs out of the deal. Meaning the Earnest Money Deposit (EMD) is refundable to Zigr during inspection and due diligence.
2. We have a Joint Venture Agreement Contingency or Clause in case the wholesaler can not sell the property on time, in this case Zigr has the first right to purchase the property at cost from the original contract.
3. The property must be under under contract for 75% of the After Repair Value (ARV) or less. This also includes Comparative Market Analysis (CMA) or Broker Price Option (BPO). Comps will be okay if we can prove that they are relative to the transaction.
4. The wholesaler must have clear photos of the property, interior and exterior. They will also have to abide by our property walk through checklist. This helps Zigr to clearly analyze the deal but also to help the wholesaler become more successful as a real estate investor or wholesaler.
5. Must show that you have a cash buyer list ready with qualified buyers to buy in your market. This may include pulling social media profiles, company branding, website etc.
6. Must have a company to close wholesaler deals through, this includes reporting transactions legally for tax purposes. All of our revenue generate from lending is reported and audited.
7. Must have an executive summary or sponsor bio, for the individual and/or company that wished to borrow for the purpose to wholesale real estate.
8. Must not be a complete or heavy renovation/ rehab. We only lend on light to medium renovation deals typical with $60k or less, including high-end finishes.
9. Personal Financial Statement (PFS), this includes looking at your Tri-Merger Credit Report.
10. We require supporting documentation to verify who we lend to. You will need a valid ID, provide a Utility Bill and have to sign documentation electronically.
**If multifamily there will be additional requirements. **