polandstaples
PARKED
- Joined
- Oct 19, 2012
- Messages
- 4
Rep Bank
$25
$25
Hello Everyone,
I am looking to get into the commercial real estate game.
Do you guys know any of any escrow companies that will provide Proofs of Funds if we use them to close the deal?
I want the seller to pay for closing costs (DPA+POF) during closing via sellers concession.
One company that I knew of: dpa-servicing.com
The thing is they charge for POF upfront.
Here is an excerpt from their terms email:
"Please read the costs below and understand we do not do back end billing for POF - POF is always paid up front in escrow before the account is setup.
POF's $100K to $1m range from 5-10%, over $1m 3-5%, over $10m 2-4% > $100M .25% to 1% . These are only estimates and the rate may be less or more. This is a up front charge that you will need to deposit into escrow before the POF account is funded for your request."
Let's say the down payment is $700, 000. That would be how much the lenders would like to see via POF.
That means I would have to take 5-10% of the $700,000 and pay that the comapany upfront BEFORE escrow (I would be paying $35,000-$70,000 upfront).
So yea.
Does anyone know of any escrow companies that will provide Proofs of Funds if we use them to close the deal?
I am looking to get into the commercial real estate game.
Do you guys know any of any escrow companies that will provide Proofs of Funds if we use them to close the deal?
I want the seller to pay for closing costs (DPA+POF) during closing via sellers concession.
One company that I knew of: dpa-servicing.com
The thing is they charge for POF upfront.
Here is an excerpt from their terms email:
"Please read the costs below and understand we do not do back end billing for POF - POF is always paid up front in escrow before the account is setup.
POF's $100K to $1m range from 5-10%, over $1m 3-5%, over $10m 2-4% > $100M .25% to 1% . These are only estimates and the rate may be less or more. This is a up front charge that you will need to deposit into escrow before the POF account is funded for your request."
Let's say the down payment is $700, 000. That would be how much the lenders would like to see via POF.
That means I would have to take 5-10% of the $700,000 and pay that the comapany upfront BEFORE escrow (I would be paying $35,000-$70,000 upfront).
So yea.
Does anyone know of any escrow companies that will provide Proofs of Funds if we use them to close the deal?
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