Echo Funding in New Jersey | Swift Deal Funding
Echo funding in New Jersey
Echo funding supplies the cash for an end buyer’s down payment at closing, repaid out of the seller-side proceeds — on a wholesale deal, your assignment fee. In New Jersey it is useful when a strong buyer in a high-price submarket wants to keep more cash on hand and your spread is wide enough to carry the funding. Swift Deal Funding is a direct lender charging a flat 2.5% with nothing upfront.
New Jersey’s wholesale activity is concentrated and high-value, driven by NYC-metro demand. North Jersey — Jersey City, Newark, Paterson, Elizabeth — leads, with steady flow around Camden and Trenton. The state’s roughly 9.29 million residents keep end-buyer demand deep, and the bigger price points mean assignment fees on solid deals comfortably cover Echo. Funded down payments here typically run $15,000–$60,000.
How Echo closes in New Jersey
New Jersey is an attorney-state, so a closing attorney conducts the settlement, and a wet-funding state, so the attorney disburses from the trust account once documents are signed — no recording wait. For Echo, the funded down payment and our repayment both move inside that disbursement. Note the standard contract’s three-business-day attorney-review period must clear before the deal is firm enough to schedule funding.
New Jersey has no wholesaler-licensing law, so disclose your equitable interest as standard practice. Confirm with your closing attorney that the settlement statement repays us from seller proceeds before scheduling.
Pricing
Flat 2.5% of the funded amount. No application fee, no origination fee, nothing upfront — collected on the closing statement.
What you’ll need
- Executed purchase contract (attorney review cleared)
- Executed assignment contract showing your assignment fee
- An assignment fee at least equal to the funded down payment plus 2.5%
- A New Jersey closing attorney ready to disburse seller proceeds with Echo repayment built in
New Jersey note: confirm attorney review has cleared and the repayment line is on the settlement statement. No credit, income, or tax returns.
A typical New Jersey Echo scenario
A wholesaler has a Newark property under contract with an end buyer purchasing at $340,000 who is $34,000 short on the down payment. The assignment fee is $45,000, and attorney review has cleared. Echo funds the $34,000; the closing attorney disburses, repays us $34,000 plus the 2.5% fee ($850) from the assignment fee, and the wholesaler nets about $10,150. The buyer closes without sourcing extra cash.
Apply
Submit your purchase and assignment contracts online; we confirm the fee covers the funded amount before approval. Standard turnaround is about 48 hours.
Frequently Asked Questions
How does Echo repayment work at a New Jersey closing? +
Echo funds the end buyer's down payment, and we are repaid out of the seller-side proceeds — your assignment fee. Because New Jersey is an attorney-state and a wet-funding state, the closing attorney disburses from the trust account once documents are signed, without a recording wait, and routes our repayment in the same closing. As long as the assignment fee covers the funded down payment plus our 2.5%, repayment settles at the table once attorney review on the contract has cleared.
Is Echo a fit for the NYC-metro New Jersey market? +
Frequently. North Jersey's high prices — Jersey City, Newark, Hoboken-area submarkets — mean down payments are large even for strong, well-qualified buyers, some of whom prefer to preserve cash for renovations or the next deal. Echo lets the buyer bring less to the table while your assignment fee absorbs the funding. Given the price points, funded down payments here run larger, commonly $15,000–$60,000, so make sure your fee covers the funded amount plus 2.5%.
How big does my assignment fee need to be for Echo in New Jersey? +
The assignment fee must be at least the funded down payment plus our flat 2.5%, since repayment comes from those seller-side proceeds. On a $340,000 Jersey City sale with a $34,000 funded down payment, you would need an assignment fee of at least roughly $34,850. We verify that math before approving and coordinate with your New Jersey closing attorney so the settlement statement balances and the deal closes after attorney review clears.
Apply for Echo Funding in New Jersey
Submit your application online — same-day decisions for complete files before 2 PM Eastern.