The other part of our business is Overages Recovery. An overage occurs at the end of a foreclosure deal, either a tax foreclosure or a mortgage foreclosure sale. The property sells for more than the sum of all debts the former owner incurred. Later, the debt gets paid off out of the sales revenue. After the total taxes, assessments, penalties, and costs due, the resulting excess funds are held in escrow and known as "OVERAGE". The funds belong to the owner of the record immediately before the end of the redemption period. Funds are available to be claimed and payable ninety days after execution of the tax sale deed. We retrieve the excess money that is left over from real estate transactions that are not known to the said recipient(s). We recover those funds for the recipient(s) at an agreed-upon percentage. We have direct connections to recoup the excess money that is left over from the sale of the property at hand. MOST PEOPLE DONT EVEN KNOW THAT THEY HAVE ANY MONEY COMING TO THEM, WITHOUT OUR HELP!!
We can provide two separate services to our clients. First, being PRIVATE MONEY BROKER CERTIFIED, we bring buyers and loaners together to make profitable real estate transactions. Second, we are in the real estate overages business. In the real estate business, it sometimes becomes hard to get traditional funding. This is where VJNora Funding, LLC comes in. We work with private money lenders to provide the services needed that could not be made with traditional banks or other institutions (some loans come at 100% financing). Reserve Requirements Apply (3 months of Payment Reserve, 10% of the Rehab Budget, and any Closing Cost above the LTV requirement). A personal guarantor is required (all owners own more than 30% of the borrowing entity). The institutions require borrowers to have a track record. The borrower must have a valid existing US business entity (LLC, corporation, trust, partnership, etc.) We Only Lend in the first lien position, and no more than 55% LTV on Commercial, and no more than 65% LTV on Residential. SHORT-TERM (6-24 MONTH ACQUISITION/PURCHASE/CASH-OUT/REFINANCE). LONG-TERM REFINANCE: MIN 660 CREDIT SCORE AND OWNERSHIP OF 6 MONTHS REQUIREMENTS, WITH PROPERTY VALUE OF 100K AS-IS VALUE.
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We don’t need to spend as much time in meetings now that we use Vjnora funding.
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Vjnora funding is a game-changer. Instead of drowning in an endless chain of emails, there is clear and easy accountability meaning tasks actually get done!
