The Process
Congratulations!
You and your client will want to celebrate the simple process of writing and submitting an application, which is called a Secured Capital Agreement (SCA).
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The process is quick and straightforward.
(It takes longer to read this "How-To" then to complete the SCA.)
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1
Complete the 3-page app, IRS W-9, & EFT Form
What can be more simple than a 3-page fillable application with only 4 questions, a W-9 form, and an optional EFT/Direct Deposit form? After typing the client's demographic information (e.g. name, address, SSN, DOB, phone, & email), you both answer 4 questions:
1. Amount
2. Select 'Qualified' or 'Non-Qualified funds'
3. Select term
4. Select to defer interest or take income (if taking income, then complete the direct deposit information)
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After these 4 questions, the client signs twice and you sign once.
2
Submitting the SCA
After completion, simply email the SCA to us and we will review the paperwork. If there was anything missed, illegible, etc., we will tell you immediately.
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And - do not worry about mistakes, missed questions, bad scans, etc. You will not need to redo new forms and there is never outdated forms. If there is a correction to be made, you will not need to see the client again for initials and dates. We simply need the correct information.
3
SCA Approval
You will receive an approval very quickly, usually within 24 hours of the SCA being in good order. Once approved, a closing date will be set. This date could be within a few days or a specified date depending if you have a check to submit or the client needs to wait for the funds to become available.
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Upon approval, you will receive an email verifying the client's name, funding amount, interest rate, term, the property address, the closing date, and the real estate lien note.
4
Closing & Commissions
Once the closing date is established, the agent submits the check to be received 2-3 days prior to this date. Once received, interest begins accruing as of the closing date and everyone will receive copies of the recorded mortgage detailing the lien which is recorded, signed, and approved by the registrar of deeds, interest to accrue or distribute (including the pro-rated amount for the first month), and a 'What to Expect Next' which gives details to you and your client for the future.
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Commissions will be paid shortly after the closing date provided the client's funds are verified by the receiving bank.