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The Law Offices of

Jenny L. Colón, P. C. 

Welcome To JLCPC's Investor Portal

~ be on the lookout, there's more to come ~

The following are merely some of the unique closing types we handle EVERY DAY.  Most settlement agents have never even heard of these types of closings. Our every day "normal" is what most settlement agents think of as foreign or unusual.

Hard Money Lending

A hard money lender is a private lender for Fix & Flips and New Construction. These are short-term loans where underwriting is based solely on the property being purchased instead of personal financial information or credit. 

Owner Financing

When the seller becomes 'the lender' and the purchase price is paid over time, typically with interest. A Promissory Note is signed and a Deed of Trust is recorded against the property as a Lien.

NOTE: The seller cannot finance more equity than they have. 

Wholesale

A wholesale transaction, also known as an Assignment, involves a "Assignor" who goes under contract with a seller, then assigns their buying position to another buyer for a fee. The fee is paid at closing on the settlement statement, which is seen and signed by both the buyer and seller.

NOTE: If you don't want the seller to see the Assignment fee consider a "Double Closing." See below.

Double Closings

A Double Closing is similar to an Assignment, except the Investor actually purchases the property and takes title, then immediately sells the property to the end buyer for a profit.  This is also known as a Back-to-Back closing.

NOTE: In Virginia both transactions MUST be FULLY FUNDED with either cash or Transactional Funding.  

Subject To 

A method of purchasing property where the  investor takes title to the property, but the existing loan stays in the name of the seller. Meaning, "Subject-To" the existing financing. The mortgage is now payed by the investor who now has the ability to rent, refinance or sell.​

Land Contract/Contract for Deed

A method for a buyer to receive possession of a property, but NOT the Deed. The buyer pays monthly installments and upon completion of payment is when title is THEN conveyed and the buyer receives the Deed.  Much like a "Rent To Own."

NOTE: Any breach of contract is grounds for eviction. At which time the seller maintains ownership and all payments made.

Transactional Lending

Transactional Lending is "money for a day." It is EXTREMELY short-term financing (one day to one week) in order to facilitate a double closing. Transactional Lenders typically charge 1-2% of the loan as a fee and often have a minimum.

Land Trust

Legal entity which grants a trustee ownership/authority over a parcel of land at the request of the beneficiary(ies) (property owner) for ...

-Management tool:

-Title-Holding Trust

-Conservation Land Trust...

1031 Exchange

A deferment tool used when proceeds from the sale of one property is immediately used to purchase a following property. The Capital Gains Tax on the sale of the previous property is deferred for the sake of the following purchase.  The following property MUST be equal or greater than the cost of the previous one. 

IRA as Lender

A rapidly expanding and emerging field where an IRA becomes the owner of a property, or uses IRA funds to lend for a Rehab, or a flip. 

Non-Recourse Loan

Loan where the IRA account holder is not personally liable. The loan is to the IRA not the individual IRA owner and it is secured by collateral, usually Real Estate. In the event of foreclosure or default, the lender can only pursue the IRA assets. Interest rates are typically higher. 

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Address

1100 Madison Plaza

Suite C

Chesapeake, VA 23320

Contact

O // 757.277.9803

F // 757.277.9814

[email protected]

Opening Hours

Mon-Fri: 9:00am - 5:00pm

Sat: Closed

Sun: Closed