Liquidity's success is based upon high service levels. A successful real estate transaction involves many people doing different tasks with a goal of total cooperation to close on a specific date. What happens AFTER that closing is just as important to you until the loan is paid off. Communication is the key to all successful business.
Here is what we do from start to finish.
Before Closing
Once your information is received and the loan is approved (typically within hours), a Loan Commitment is generated and emailed to you. This is Liquidity's commitment to fund your loan. It includes your loan terms, expiration date and other pertinent information germane to your loan. This commitment, along with specific Closing Instructions, is forwarded to your settlement agent. You are copied on all communication with the settlement agent, which is fairly constant.
After Closing
Congratulations! You're now the proud owner of real estate...and a loan. Immediately following your closing, you will receive payment vouchers by email. The vouchers are for your use to remit payments monthly. There will be coupons for each payment depending on the term (number of months) on the loan. Each coupon identifies the property, where to send payments, and the actual payment number.
Approximately ten (10) days prior to your payment due date, you will also receive an email reminder that your payment is due soon along with an individual coupon in the event the original voucher has been misplaced.
If you are late on your payment, you will receive a late notice, which will include a new monthly payment due that includes the late charge.
Thirty (30) days prior to your loan payoff/due date, you will receive a courtesy reminder that your due date is coming soon. This notification will also be repeated ten (10) days prior to your due date.
If your loan is extended, you will receive the Extension Notice confirming the extension and the new due date.
Payoff
Congratulations! You're now the proud seller of real estate...and paid off your loan. Once the funds are distributed and deposited, you will receive confirmation of your loan payoff, along with your original Note marked "PAID" with a date stamp and signature. Take that money and buy another one.
At the end of the calendar year, a 1098 form will be produced and sent to you for tax purposes.