Echo Funding in Richmond, VA | Swift Deal Funding
Echo Funding in Richmond, VA
Echo funding fronts the end buyer’s down payment at closing so a Richmond assignment deal can close even when your buyer is short on cash at the table. Swift Deal Funding is a direct lender; the advance repays the same day out of the seller’s proceeds — in a wholesale deal, your assignment fee. The cost is a flat 2.5% of the funded amount, nothing upfront. With Richmond homes around $340,000, Echo most often covers $18,000–$35,000 down-payment gaps on assignment deals from the Fan District to Manchester, with capacity to $10M.
No credit check, no income verification, no tax returns.
How Echo closes in Richmond
Virginia is a wet-funding, CRESPA settlement-agent state: a licensed settlement agent — title company or attorney — handles closing, and our funds sit in escrow before it. On closing day we cover the end buyer’s down payment; when the seller’s proceeds disburse, your assignment fee repays our advance plus the 2.5% fee straight off the settlement statement.
The Richmond wrinkle is the housing stock that backs your deals. Fan District and Church Hill rowhomes are often a century or more old and can carry dated title work, while Manchester’s converted industrial parcels have their own quirks — any of which can slow the settlement that Echo’s repayment depends on. Open title early. Richmond’s higher price points also mean assignment fees tend to be healthy, which is why Echo pencils on most well-located deals; we still verify your fee clears the advance plus 2.5%. Confirm specifics with a local Virginia settlement agent.
Pricing
Flat 2.5% of the funded amount. No application, origination, or upfront fees. Collected through the settlement statement.
What you’ll need
- Executed purchase contract
- Executed assignment contract showing your assignment fee
- Assignment fee large enough to cover the funded down payment plus 2.5%
- Settlement agent ready to disburse with the Echo repayment included
Richmond note: open title early on older Fan/Church Hill parcels so disbursement — and your repayment — isn’t delayed.
A typical Richmond Echo scenario
You’ve assigned a Fan District rowhome to an end buyer at $355,000 for a $30,000 assignment fee. Your buyer is $24,000 short on the down payment the morning of closing. Echo funds the $24,000 to the settlement agent; our fee is $600. When the deal settles, your $30,000 fee repays the $24,000 advance plus the $600 fee, and you net about $5,400 — instead of losing the deal at the table.
Echo vs. Stack in Richmond
Both front cash at closing; they differ in repayment. Echo repays from your assignment fee in the seller’s proceeds — best when the fee is substantial. Stack repays through a recorded second-position note when seller financing is part of the deal. Choose Echo for fat-fee assignments; choose Stack for seller-carry structures.
Apply
Submit your purchase and assignment contracts online. We verify the fee covers the advance plus 2.5% before approval. Standard turnaround is about 48 hours.
Frequently Asked Questions
Will my Richmond assignment fee cover an Echo advance? +
Your assignment fee has to cover the funded down payment plus our flat 2.5%. With Richmond values near $340,000, well-located Fan District and Church Hill assignments often carry $25,000–$35,000 fees that comfortably cover a $20,000–$25,000 funded down payment plus the fee. Manchester redevelopment deals can run higher. We verify the math before approval; if the fee clears the advance plus 2.5%, Echo works and repays at the settlement table.
Who repays Echo at a Richmond closing? +
The settlement agent does — a title company or attorney under Virginia's CRESPA framework — straight off the settlement statement. Virginia is a wet-funding state, so funds are in escrow before closing; when seller proceeds disburse, your assignment fee repays our down-payment advance plus 2.5% at the same table. There's no second note and no post-closing collection. Confirm the agent will disburse with the Echo repayment built into the statement when you open the file.
Do historic Fan District rowhomes affect an Echo deal? +
Not the funding — Echo turns on the assignment fee and the settlement disbursement, not the building's age or district. But century-old Fan and Church Hill rowhomes can carry dated title work that the settlement agent must clear before disbursing, and Echo repays from that disbursement. Open title early so the parcel is clean when the deal is ready to close. Once it disburses, your fee covers our advance plus 2.5% the same day.
Apply for Echo Funding in Richmond, VA
Submit your application online — same-day decisions for complete files before 2 PM Eastern.