Eric Scharaga
Founder, Damen Capital Fund
Private lender and direct land note buyer serving land investors nationwide. Featured on REtipster, Legends of Land, and Land Investing Online. LinkedIn →
Exactly what happens after you send your note details, what we do, what you do, and how long each step takes.
Balance, interest rate, remaining term, buyer down payment, and payment status, through the quote form or by phone. Want a ballpark first? The note value calculator gives you a range in 30 seconds.
Your time: 5 minutesWithin 24 hours you get a written bid range on your note. No obligation, no fees, and the bid explains what drives your price.
Us: within 24 hoursAccept the bid and send the file from the document checklist: note, recorded deed of trust, HUD, payment history, title items, and borrower information. Complete files close fastest, and we tell you same day if anything is missing.
Your time: about an hour of gatheringWe run our own valuation of the land securing your note: comparable sales, access, flood and wetlands, saleability. No appraisal to order, no inspector visit to schedule. Document review runs at the same time, verifying the balance, the payment history, and clean title.
Us: 2 to 4 business daysReview clears and your exact offer is confirmed in a simple note purchase agreement. You sign electronically. If anything in review changed the number from your bid range, we explain exactly why before you sign anything.
Your time: 15 minutesWe prepare the assignment of the deed of trust for recording and the allonge that endorses the note to us. You deliver the original note, we handle recording and servicing transfer notices to your borrower, and your funds wire the same day everything is executed. The borrower simply starts paying us, nothing about their loan changes.
Funded: about 7 days start to finish on a complete fileWhat slows closings down, in order: incomplete payment histories, title surprises like unreleased prior liens, and missing assignment chains on previously sold notes. All three are fixable, and all three are why the checklist exists. Start your file complete and 7 days is real.
About 7 days from accepted bid to wire on a complete document file. The written bid itself comes within 24 hours of sending your note details. Incomplete files are the main thing that stretches the timeline.
Only where they send payments. The rate, payment, term, and every other loan term stay exactly as written. They receive proper servicing transfer notices and simply pay the new servicer.
Your funds wire the same day the closing documents are fully executed and the original note is delivered. There is no holdback and no waiting period.
None. No broker fees, no closing costs charged to you, no due diligence fees. The offer you accept is the amount wired.
The bid is a range subject to property review and valuation and document review. If review moves the number, we show you exactly what we found and why before you sign anything. You are never committed until the purchase agreement is signed.
Most sellers close without one, since the documents are short and we walk you through each. You are always welcome to have your attorney review the purchase agreement, and the timeline allows for it.
Written offer in 24 hours. Closings in about 7 days.
Private lender and direct land note buyer serving land investors nationwide. Featured on REtipster, Legends of Land, and Land Investing Online. LinkedIn →