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Accel Real Estate Commission Advance, a subsidiary of Balanced Bridge Funding, is able to provide funding to real estate agents and brokers on their pending fees from transactions related to Bank of America’s (BOFA) new Community Affordable Loan Solution program. It was recently created by the bank to increase homeowner ownership in primarily Black and Latino communities. Generally, Accel works with realtors facing delayed payment of their fees from real estate transactions. “Once Bank of America made the announcement of their program, we wanted to make sure the real estate professionals in those designated cities know about our commission advance product and our ability to help them” says Joseph Genovesi, CEO of Balanced Bridge Funding.
The unexpected announcement of the program caused news around the country. Among the reported benefits to approved applicants of the program include no deposit for mortgages, no mortgage insurance and no minimum credit score. BOFA will also look at other factors to determine credit worthiness like rental payments, utility payments and much more. The U.S. housing market has been a seller’s market for a long time now. Many home buyers have been priced out. While rising interest rates are expected to cool the red-hot housing market in some areas all cash buyers and sellers are still at an advantage. While the Community Affordable Loan Solution program isn’t restricted too only Black and Latino applicants, the goal of the program is to help increase ownership in these communities. According to articles about the program, applicants will have to complete BOFA and Department of Housing and Urban Development (HUD) approved courses before they are able to take advantage of the benefits.
Advances based on real estate commissions can help realtors bridge financial gaps if payment is delayed. They can also be used as a tool to help grow their business without using their own funds. As a company specifically designed to help real estate agents and brokers overcome payment delays, Accel wants the real estate community in the cities where the program is active to know about the benefits and convenience of using real estate commission advances. Currently, the program is only available in Los Angeles, Miami, Detroit, Charlotte, and Dallas. According to news stories about the program, if it is successful BOFA may expand it to other cities.
Real estate agents and brokers interested in learning more about commission advance funding on their pending or delayed fees can visit our website, read our FAQ on real estate commission advances, contact us 267-769-0747 and speak to one of our specialists or email aredcloud@acceladvance.com. Real estate agents and brokers can apply for real estate commission advance funding by completing an application today.
Media Contact:
Amy Redcloud,
267-769-0747,
aredcloud@acceladvance.com
