Real Estate Commission Loans
A real estate agent may need to use a loan to get an advance on his commission if he knows he will need money before the closing. Agents do not receive regular payments for the hours they work with their clients. Instead, a REALTORŪ must wait until a payday arrives, when he receives commissions based on the value of the property. While the amount of a single commission can be tens of thousands of dollars, this does not mean an agent's financial life is always convenient. One option that is available to a real estate agent who needs to access funds from a commission he or she will be receiving before the closing is to take out short-term loans.
Obtaining Real Estate Commission Loans
Loans are based on the size of the commission a real estate agent will be receiving and the length of time for which he needs the advance. The process of applying for a commission loan is often less involved than obtaining a home equity loan or line of credit. All that real estate agents need to present the company providing the advance is a completed Agreement of Purchase and Sale, a waiver of the conditions specified in the agreement, and a Trade Record sheet. Once this information is provided, the advance can be approved and deposited directly into an agent's bank account in as little as one day.
Access Easy Funds offers short-term loans for commissions from residential and commercial real estate transactions in Canada. Since they specialize in helping REALTORSŪ, they can address the unique concerns that agents face when they need loans. Call 1-888-FUNDS10 (1-888-386-3710) for more information or to start the loan process.
