Monera Financial

[MattMo]

Hey new around here and looking to purchase our first resale dvc membership. We want to finance through monera and we're wondering what kind of info that they require. Seems really sketchy that they do not run a credit check. Is everyone really approved?

 

[z28wiz]

I just closed on one and used monera for a short term finance and it was seamless. The downplay ment depends on the rate and cost per point on the contract you are purchasing. It's pretty much the dvc financing of resales. They are very prompt at answering any questions or concerns. Sent from my iPhone using DISBoards

 

[MattMo]

Do they really approve everyone? Do you have to put up anything for collateral? Just seems strange they don't run any credit checks

 

[z28wiz]

Your down payment and they put a mortgage on the DVC timeshare.

 

[ton80]

They require a very LARGE down payment.

 

[z28wiz]

They require a very LARGE down payment.

Not true it's based on your price per point low is 400 high can be much more. Mine was 600 for a 175 point at 72 per point contract at wilderness lodge. Play around with application calculator and you will see. Sent from my iPhone using DISBoards

 

[DanenRox]

I plan on using them for part of the purchase price of a resale contract (if it doesn't get ROFR'd!...hope, hope). We are putting down a sizeable down payment but that was our plan anyway. 5 year term with no prepayment penalties. While the interest rate is higher than the home equity loan I was looking into, the monthly payment difference is less than $20. Since it's such a short term loan, it's a palatable plan. I have found Monera helpful, responsive and efficient.

 

[MattMo]

Thank you all for the help I appreciate it

 

[Syndrome]

We just used Monera for our recent HH purchase. Brad and Angie have been great to deal with. Answered all questions promptly, quick with paperwork, and wired funds for closing the exact day they were required.
We had a few properties that were "dead deals" either from ROFR or owners backing out , and Brad sent "Commitment to Finance" letters for every single deal the day I requested them.
Talked to Brad for a few minutes about the process, and he said that because the Disney DVC holds its value SO WELL , that they dont even need to check credit. They have faith in DVC value that they dont see a credit check as an issue. You dont pay ......... they get the contract. Pretty simple business model .
They have a very specific computer program on how much deposit is needed for the resort you are purchasing , how many points , and what percentage rate you want. Some resorts do require a lot more deposit than others ............usually the 2042 ones.
They are listed on the mortgage as lien holder, so they are in a win-win situation. They either make money on the financing end, or they get the property if you dont pay (to resell it at a large profit since the owner has already invested a large amount of money in the deposit, closing costs and payments to date.) . They do require a direct deposit of funds every month right out of your checking account until loan termination.

We just used them for a short term loan, and will be paying it off early, since there are no early pay off penalties . It was convenient.
They do charge a $149. fee for the loan origination though .

All in all it was a quick, easy process. Much easier than the REST of the DVC resale buying experience. Monera was the easiest part of the process !

I can recommend Monera .

Good luck !

 

[babesboo99]

How do you go about going through them? i went through Disney not to long ago and I am now thinking of going resale . My question is do you go through either the disney resale companies aka TSS and all others or do you contact them directly?

 

[wildforgoofy]

TSS will have you contact the finance company directly once your offer has been accepted by the seller. They give you links to 3 different finance companies and contacts to talk to. You can contact all 3, and see which one works best for you. TSS has been awesome in our resale too.

 

[Syndrome]

How do you go about going through them? i went through Disney not to long ago and I am now thinking of going resale . My question is do you go through either the disney resale companies aka TSS and all others or do you contact them directly?

Either way works actually.
I contacted Monera first, so I would be "pre qualified" so to speak, then started looking for DVC properties. That way Monera was ready for commitment to finance letters right out of the gate.
They have a great web site that lets you figure out exactly how much money you will have to put down depending on resort, points purchased, price per point and terms. They can also get you an estimated monthly payment right on their website. They only do up to 5 year loans ...........which is probably a good thing for most people so you are not paying for DVC for 20 years !

It was a SIMPLE process . I would use Monera again without hesitation.

 

[cde48]

I know this thread is about 5 years old, but we are purchasing 400 VGF POINTS (4 100 pt contracts), and will be financing one. We may do a HELOC, but wanted to know if the Monera loan shows up on credit reports?

 

[Disneybob1991]

I know this thread is about 5 years old, but we are purchasing 400 VGF POINTS (4 100 pt contracts), and will be financing one. We may do a HELOC, but wanted to know if the Monera loan shows up on credit reports?

From what I can see on their website, they do not report to the credit bureaus or do any credit checks, therefore should not show up on a credit report.

 

[MB_01]

They are easy to work with. No penalty for paying off early either.

 

[stewart715]

Yep, super easy. There is virtually no risk to lenders for DVC (especially for DVD). It is a very easy asset to flip in event of foreclosure. It's just paperwork for them.

 

[Jack_Sparrow_NJ]

Great company. Easy process. I don’t believe it shows up on your credit report.

 

[MB_01]

Great company. Easy process. I don’t believe it shows up on your credit report.

Nope. They never reported anything on my credit report. No hard pull or payment history. Cake walk!

 

[Ashleymbahr]

Nope. They never reported anything on my credit report. No hard pull or payment history. Cake walk!

Nothing on credit report? Awesome. How recent did you buy your contract?

 

[MB_01]

Last one was a year ago.