The way you transfer your cash to make an investment at Ignite Funding can be detrimental to the safety of those funds, as well as the speed in which they are received. The security of your investment is Ignite Funding’s highest priority, which is why we are taking the time to help educate you on ways you can mitigate your exposure to certain risks while your cash is in transit.
Why does speed matter?
The speed, or the lack thereof, in which Ignite Funding receives your funds can have negative impacts on your investment, as well as to the borrower of the specific loan you are investing in. For example, Ignite Funding will often offer or advertise a loan to investors that has less than seven days to close. If too many investors fail to transfer their funds before the deadline, then the close date of the loan may be delayed or the loan may have to be cancelled altogether, depending on the situation. This will cause a greater amount of interest down-time for investors or even the potential for a lost investment opportunity.
This failure to fund on time is even more detrimental to the borrower of the loan. Delays have the potential to cut into the profitability of a project or, in the case of a land acquisition, the borrower could lose the opportunity to purchase the property if they are not able to provide the funds on time.
How can I transfer cash to fund my investments?
Below we have listed the different methods you can use send in your funds from the most secure and fastest methods to the least reliable and slowest method.
- Wire Transfer: A wire transfer can get your funds to Ignite Funding within 24hrs if initiated before the banks wire cut-off time. There is typically a surcharge from the bank for this service. This can be completed online (if your bank offers this service) or at your bank’s local branch. We suggest bringing a copy of the wiring instructions with you to ensure that your funds are sent to the correct account. This is the most secure way to transfer your cash due to the speed and the least amount of exposure to third parties.
- Direct Deposit - Cashier Check: You can deposit a cashier's check at any Bank of America branch, or if you are a Las Vegas local you can bring the check to our office for deposit. The cashier's check can be processed by the bank or Ignite Funding as quickly as 24hrs. We suggest bringing a copy of the deposit instructions with you to ensure that your funds are sent to the correct account. Again, this is one of the more secure ways to transfer your cash due to the speed and the least amount of exposure to third parties.
- Direct Deposit - Personal Check: You can deposit a personal check at any Bank of America branch, or if you are a Las Vegas local you can bring the check to our office for deposit. The personal check will take 3 to 4 business days to be processed by the bank. We suggest bringing a copy of the deposit instructions with you to ensure that your funds are sent to the correct account. This method is secure, but it is a much slower transaction process which can potentially affect your investment.
- Mail-in - Personal Check: Unless you live in a remote area and this is your only option to transfer your funds, we strongly encourage you to utilize one of the above methods over this one. Personal mail and package theft is at an all-time high, so you are running the risk of your check falling into the wrong hands. They may not be able to cash the check to their account, but they can utilize your account information from the check for fraudulent activities.
If you have any further questions about the transfer process or if you need a copy of the wiring or deposit instructions, please contact your Investment Representative.