Temporary funding can keep a transaction moving forward when other money is delayed.
Sometimes, timing is the only thing holding up a closing. Money from another sale may be a few days away, or long-term financing may not be ready when payment is due. Gap/transactional lending can cover the difference so the deal doesn’t have to sit on hold or, worse, fall through.
This type of loan is meant to be brief. It covers one transaction or expense while the borrower waits for money expected from another source. Once those funds arrive, the temporary loan can be repaid.
Before applying, it helps to have clear answers to a few questions:
- How much money is needed?
- What will the funds be used for?
- When will repayment be possible?
- Where will the repayment money come from?
At C and J Appraisal Company, LLC, our Second Chance Realized program provides gap/transactional lending in Guilford County, North Carolina. Typical loans range from $5,000 to $70,000 and last from 5 to 45 days. We may consider requests for a larger amount or longer term on a case-by-case basis.
The reason for borrowing can vary. A property investor might need to close on a purchase while their cash is tied up in another project. Someone else may be waiting a few days for a scheduled disbursement. In either case, there’s a specific expense, an expected source of repayment, and a timing problem between the two.
When you contact our team, tell us what’s happening and when the money should arrive. We’ll look at the request and discuss the terms that may be available. Our gap/transactional lending program could provide the funding needed to keep your transaction from stalling.
At C and J Appraisal Company, LLC, we offer gap/transactional lending services for those in the Triad, as well as throughout Raleigh, Mecklenburg County, Stokes County, Davidson County, Alamance County, Randolph County, Rockingham County, Forsyth County, and Guilford County, North Carolina.