Have you ever noticed a loan which got fully invested but it still hasn’t funded for weeks? Here is why.
Once Estateguru successfully collects money from investors, the status becomes “Fully Invested”. After this, Estateguru checks the loan documents and makes contract at the notary office. As per Terms and Conditions, loans have to be notarized within “15 calendar days + 10 working days”. So loans can take up to a month to get notarized. After notarization, the loan status changes to “Funded”.
Estateguru starts calculating interest from when the loan becomes “Funded”. But what if the loan hasn’t become “Funded” even after a month? Then, you should email Estateguru about it. Usually they will start calculating interest from the day after “15 calendar days + 10 working days” period even if the loan status hasn’t changed to “Funded”. So, maximum you will loose only 1 month interest if notarization gets delayed.
Disclaimer: I am not a real estate expert nor a financial advisor. This is my personal opinion and I can be very well be wrong.