Loans For Realtors

While REALTORS® may refer their new clients to financial institutions that have given their previous clients favorable terms on mortgages, these are not always the banks or lenders that are best equipped to deal with a real estate agent's unique needs. REALTORS® who rely on commissions as their sole source of income may receive them at irregular intervals. This can make budgeting difficult, as they may have expenses that are due at regular intervals, including essential living expenses like housing payments and insurance premiums and business expenses. That is why specialized lenders offer loans that are short-term advances based on the amount of the commissions that an agent will be receiving.

Methods for REALTORS® to Obtain Temporary Loans

There are a number of ways REALTORS® can get their commissions in advance.

• One option available for REALTORS® who need a short-term loan is to take out a line of credit.
• Another choice is to apply for loans, such as home equity loans. This allows buyers to borrow against the equity they have accumulated in their properties.
• An alternative to both of these approaches is to get an advance on a commission. Such programs allow REALTORS® to borrow close to the full amount of the commission they will receive when the real estate transaction closes, and this method is generally made quicker and simpler.

REALTORS® in Canada can work with Access Easy Funds to borrow up to 90 percent of the commissions due to them from clients who have signed Agreements of Purchase and Sale. In addition to loans for commissions on residential sales, the company also offers advances on commercial real estate sales. For more information, please call 1-888-FUNDS10 (1-888-386-3710).