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Thank you for your interest in 1DayDough.com. Below is our FAQ page. If you have any further questions, please feel free to contact us.
- Does my credit or income affect my ability to use your funding?
NO! We do NOT have any type of credit or income requirements associated with our program! Unlike others, we do NOT base fees or approval on your background or current financial situation. Everyone qualifies for funding! It’s the deal that counts.
- Can I use my own Title Company or Closing Attorney with your transactional funding?
Yes, you can choose your own closing agent; whether that is a title company, closing attorney, or other escrow agent. We will verify their credentials prior to closing. If you need a referral, we have a vast network of closing agents that we have worked with previously, to help close your transactions. Regardless of whom you choose, we will be here to work with them to ensure a smooth and seamless closing.
- Why, in some cases, do I need to use two different closing agents for a simultaneous closing?
In many cases, the bank will mandate a closing agent to facilitate your purchase. Generally, these closing agents are under contract with said bank and are limited in their capacity to conduct simultaneous closings. In this situation, we suggest utilizing a second closing agent for your resale transaction with your end buyer. It does take slightly more coordination, but in the end, it gets the job done!
- Do you provide funding for more than one day?
YES! I provide both transactional funding to accommodate all of your wholesale (flip) needs, and we now provide longer term funding should a same day closing not be long enough! Longer term deals are evaluated on a case by case basis and are not usually an issue. You do have to have a committed buyer lined up though and the deal needs to make sense. Keep in mind that this is not hard money. If you’re looking to do a rehab, or close now and find a buyer later, I’m not your guy.
- Are your Proof of Funds Letters accepted everywhere?
Yes, my Proof of Funds Letters are ACCEPTED EVERYWHERE. My Proof of Funds letters are provided on official letterhead including my contact info. So, on the occasion when an agent or bank representative requests a Verification of Deposit, or VOD, in the form of a bank statement, I will be happy to send it on your behalf. When faced with this, just ask them to call, or better yet, send an email to the address on the POF letter, and I’ll get it to them without delay. I always respond expeditiously to support you so that you can do more deals that need my funding. I want to fund your deals. That’s why I’m willing to send a copy of my bank statement (with the account numbers crossed out of course) to a complete stranger. Funding deals is where I make the money! So, I’ve got your back!
- What information do we need to provide for the Proof of Funds Letter?
We have two options. In either case, the letter will be generated in your name, your entity's name, or both. If you desire a property specific letter, please be ready to provide the address information for your subject property and amount required. For a blanket letter, only an amount required is necessary.
- How soon can I obtain a Proof of Funds Letter?
You are able to generate your own Proof of Funds Letters on demand at anytime from anywhere in the world where you have internet access. Once you’re part of our program, you will have IMMEDIATE access to Proof of Funds via a unique personal account created just for you! There is no submitting a request and waiting for a response. Simply log in to create all you need.
- What is the cost for your transactional funding?
We offer the most competitive rates in the industry. We do NOT charge any type of application fee and there are no minimum amounts required with our funding. You only pay for what you utilize and it comes from the proceeds of your sale. On same day deals, we charge 3 points for amounts under $100,000 and only 2 points for amounts over! We absorb all administrative, wire, and processing fees!
- Do you cover closing costs?
Yes, you may request any amount necessary to cover your closing costs and any other fees associated with your transaction. This helps to limit your out of pocket expenses.
- How much funding may I request?
We will fund amounts up to $600,000 per transaction. There is absolutely no limitation on the number of deals we will do for you. If you can flip it, we will fund it!
- What if I am having trouble with my title company in regards to utilizing your funding?
Please fee free to contact our Funding Team directly for assistance. We are more than happy to work with the title company in facilitating your closing.
- What about FHA?
FHA recently lifted the 90 day seasoning requirement.
- Once I have a deal on the table, how do I request the transactional funding?
Provide us with your basic contact information to confirm your membership status and, upon verification, we will provide the forms required for closing.
- Where can I find more information about buying and selling REO’s?
To find out more information about buying and selling REO’s, check out this amazing free training by Cameron Dunlap on creating Fast Cash With Foreclosures.
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