IGNITE YOUR PRE-SALES
Business Deposit Bond
Faster pre-sales means faster lender advancement, less costs associated with marketing and construction delays. By asking for more security from your purchasers without being costly – you lock in your purchasers so they don’t walk away from your project at closing.
WE THINK OUTSIDE THE BOX
With a good location, good price point, good marketing and Blanket’s Business Deposit Bond we are able to achieve these levels and have many services that help developers to succeed.
HOW IT WORKS
Blanket’s Business Deposit Bond helps purchasers come up with less of a cash deposit (only 50% or $25,000 whichever is greater) as opposed to the full 20% to 25% required by developers for them to achieve true presale status with the lending institutions so that the bank to commits to the project. Blanket then bonds the remaining money to the purchaser in a form of an insurance backed bond that satisfies the bank’s requirements as a full deposit. It is also assignable to the Lender!
THE BUSINESS DEPOSIT BOND IS A WIN-WIN FOR EVERYONE
By asking a purchaser to come up with less of a deposit but still retaining the required lender’s security from your purchasers without being costly, you lock in your purchasers so they don’t walk away from your project at closing. The Business Deposit Bond will also satisfy lender as this product is insurance backed. There is no obligation to the developer or the lender to collect on the bond if a purchaser still decides not to close. The developer simply submits their claim for their financial loss and then has the opportunity to resell the unit for a higher price once completed.