REAL ESTATE AGENT COMMISSION ADVANCE

Here’s what I think you may want to know…

Q1: Do I qualify for a commission advance?

A: Yes, if you can provide the documentation requested below.

• An active real estate license

• Pending (ratified) contract.

• Voided check from a valid business or personal bank account. (Advance will be deposited into this account).

• Valid Government-Issued Photo ID. (Driver’s License, Current Passport)

• Proven Performance: closed at least 4 deals over the last 12 months.

CLICK HERE to upload the required documents listed above to our secure document portal.

CLICK HERE to download the Commission Advance Package.

Q2: What percentage of my commission can I receive as an advance?

A: FIG will advance you 80% of your total commission, not to exceed $20,000.00, for a period of 30 consecutive calendar days with an additional 10 day grace period. Assuming the deal closes within 40 days, FIG will retain 8.5%, and the remaining 11.5% holdback will be electronically deposited or wired to your account immediately after closing. If closing occurs beyond the grace period, the holdback will be reduced as follows:

• days 31-40: 10-day Grace Period; remaining 11.5% holdback returned to agent.

• days 41-45: 9% of holdback returned to agent; 2.5% to FIG.

• days 46-50: 6.5% of holdback returned to agent; 5% to FIG.

• days 51-55: 4% of holdback returned to agent; 7.5% to FIG.

• > day 56: 11.5% holdback to FIG.

  • If an advance remains outstanding at day 57, weekly interest-only ACH debits equivalent to .75% (that’s 3/4ths of 1%) of the advanced amount will be executed. The amount will be debited every Wednesday from the initial account of deposit until the outstanding balance is remitted in full. (Reference the Master Security Agreement in the Commission Advance Package)

Important Note: If your deal is delayed, you will always have the option to remit the advance out of personal funds or transfer the advance to another deal that may be closing sooner. However, the clock does not reset.

Q3: Is there a minimum advance amount?

A: No, there is no minimum advance amount. However, we charge 8.5% for any advance, OR a minimum fee of $175.00; whichever is greater. For example, if your requested advance amount is $1,500.00, the fee for service would be $175.00, although 8.5% of the advance (FIG’s rate) would be $127.50.

Q4: Are there any hidden fees?

A: No. FIG never hides fees; there is no “small print”. Any and all fees are clearly disclosed above in FAQ Q2.

Q5: Does my broker need to know?

A: Yes. Your broker must sign he Notice of Assignment in the Commission Advance Package, as all commissions earned by you belong to the brokerage house. If the arrangement with your broker is different, please provide supporting documentation.

Q6: What happens if the deal is delayed or falls through?

A: You are still responsible for repaying the advance. You may transfer your advance to another pending deal or pay out of personal funds. However, the maturity date of the advance does not change. Fees for remitting of the advance beyond the initial 30 day window and 10 day grace period, as stated in FAQ Q2, would still apply.

Q7: How do you secure my Personally Identifiable Information (PII)?

A: All required documents MUST be uploaded to our secure document portal at HERE. Please DO NOT email any documentation. Also, FIG does not/will not sell or distribute your PII.

Q8: Do you perform a credit check?

A: No, FIG will not check your credit.. This is an asset-based advance; your pending deal being the asset.

Q9: On what type of structures will you advance commissions?

A: We offer advances for Residential SFHs, Town-homes and Condominiums. We do not offer advances on new construction, commercial, short-sales or REOs at this time.

Q10: How do I receive my advance?

A: You have options!

1)     Free: ACH Electronic deposit within 48 hours of approval.

2)     $35.00: Wire within 48 hours. Same day if executed by 10am.

3)     $50.00: Immediately via Cash App up to $2,000.00 ($50.00 withheld from disbursed amount)

Note: (Cash App Option can be paired with Options 1 or 2)

Q11: What areas do you serve?

A: FIG will advance commission on deals in the DMV only. (DC, Maryland, Virginia)

Q12: How many advances can I receive at one time through FIG?

A: After your first successful advance repayment, you’re allotted up to 3 simultaneous advances.

Q13: Is the buyer/seller contacted when I receive a commission advance?

A: No. This transaction is confidential. Only you, your broker, and escrow agent are involved.

Q14: Is there any pre-payment penalty?

A: No. All advances may be repaid early and without penalty.