The Scoop on Ribbon For Tech-Assisted Home Sales
If you are a home flipper, you may have heard of Ribbon. Ribbon is a new real estate tech startup. It’s only a year old, but it was founded by former executives of Twitter and Lending Tree. Ribbon saw a market, in which tech-assisted sellers ended up having to pass up multiple potential home buyers who would have to take out a mortgage to buy the seller’s home. This means that a majority of home buyers are absent from the buying pool with these tech-assisted sales.
Ribbon offers a risk algorithm that figures out if a buyer is actually likely to secure a mortgage. Then, if the potential home buyer passes the threshold, Ribbon guarantees the transaction. This removed the risk for the seller substantially. See, if the mortgage falls through after screening, then Ribbon fronts the money to close the transaction. Then, the buyer is able to move in and start paying rent while waiting to secure a different mortgage!
Ribbon charges a 1.95 percent transaction fee and they don’t eliminate the real estate agent out of the transaction. This means that a real estate agent will be likely to actually show a house that is sold through Ribbon’s platform. This is all good news for Charlotte sellers and buyers. Ribbon is active in Charlotte right now. See, Charlotte is the fourth most active real estate market and also the third fastest growing. Ribbon expects to expand to 10 new markets in the next 18 months.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.