DVC Financing - How It Works

Typically, the DVC financing process takes 8-12 weeks from accepted offer to closing.
 

1. Find a Listing

Search through the listing on one of the many reputable DVC resale broker websites to find listings that will suit your family needs.  If you are new to the process, we recommend that you contact a few of the brokers to find the one you are comfortable working with and understands your needs.  You can also go to DisneyDVCResale.com to find a search engine of the listing from several of the brokerage sites in one place.  Then, using Monera’s Quote as a tool, you can see the financing options available for any listing you are interested in that will also fit your budgeting needs.
 

2. Make an Offer

Once you find a listing that works for your families needs, the financing option works for your budget, and the loan amount is $4,000.00 or more; begin negotiating the purchase price.  

3. Submit a Quote

As soon as you have an accepted offer, you will want to secure the financing with Monera.  To begin, submit a quote.  This will inform Monera of your interest in financing; as well as the option and term you have chosen to work within your budget.
 

4. Approval

Monera will review your quote.  As long as the option you choose is for a loan of $4,000.00 or more, you will receive an email approving you for financing.  This email will also inform you of the final two steps in the application process; including the need for a copy of your signed contract.
 

5. Contract

The broker will create a contract with the terms of purchase that you and the seller agreed upon. There will be a deposit due with the contract that is typically 10% of the purchase price up to $2,000.00.  As part of the application process, Monera will need a signed copy of this contract.  
 

6. Right of First Refusal (ROFR)

The executed contract will be sent to Disney where they will review the terms of the sale.  Disney will then decide if they would like to purchase the membership (execute their right of first refusal); or pass on the purchase allowing the sale to go through.  Disney can take up to 30 days to make their decision.
 

7. Commitment to Finance

While Disney makes their decision regarding ROFR, you will want to finalize your financing with Monera by completing the three steps (beginning with submitting a quote) of the application process.  Once Monera has all the information from these three steps, we will create a Commitment to Finance letter as well as a Loan Estimate which includes a breakdown of the closing costs and your anticipated cash to closing.
 

8. Passed ROFR

Congratulations! The title company will now wait to receive the Estoppel from Disney on this property.  It’s exciting to know that you are getting close to owning this membership now.  However, it can take a few weeks for Disney to get the estoppel to the title company, so be patient.  At this time, you will need to have the financing with Monera finalized and Commitment to Finance letter from us.
 
If Disney exercises their Right of First Refusal
This means you are no longer the buyer on the contract.  You will then have to begin looking for a new membership to make an offer on, by going back to the beginning of the process.  The chances of this happening vary.  Keep in mind that the deposit you made is 100% yours and can be applied to the new membership you have an accepted offer on.
 

9. Closing Packet

Once the title company receives the estoppel from Disney, they will prepare the closing packets for both the buyer and the seller.  Both the buyer and seller will receive their packet via email.  Your buyer closing packet will include the loan documents from Monera.
 

10. Document Execution

Once you receive the emailed closing packet, you will need to execute the documents.  The originals will need to be sent back to the title company along with the remaining amount that you owe at closing.  Please note: some of these documents require signing in front of a notary public and two witnesses.
 

11. Funding of Loan

Once the title company has everything they need for closing, they will request the funds for the loan.  Monera will wire the funds directly to the title company.

12. Closing

Within 48 hours of receiving the funds from Monera the title company will close the transaction.  This will include recording the deed and mortgage with the county offices.  At this time you will own the membership.  Congratulations!

13. Transfer of Membership

The title company will send a copy of the new deed and the transaction information to Disney for the membership to be transferred into the buyer’s ownership.  Disney can take up to 3 weeks to complete the transfer of ownership.

14. Loan Repayment

The loan is secured and the funds are used to purchase your membership at closing.  Therefore, repayment of the loan begins one month from your closing date. (for example: if you close on July 15th, your first payment will be due on August 15th. 

Typically, the DVC financing refinance process takes 6-8 weeks from approval to closing.

 

1. Submit a Quote

By submitting a quote, you will inform Monera of your interest in refinancing.  The quote also allows you to inform Monera which option and term you have chosen to work best for your budget and family’s needs; as well as if there is an existing loan on this membership.
 

2. Approval

Monera will review your quote.  As long as the refinancing option you choose is for a loan of $4,000.00 or more, you will receive an email approving you for financing. This email will also inform you of the final two steps in the application process; including the need for you to execute an estoppel letter.
 

3. Estoppel

The estoppel letter you are asked to execute will authorize Disney to send a copy of your estoppel to the title company.  This is required by the title company so that they can know the status of the membership and create a title policy.  The Estoppel letter will require your contract number, which is different from your Membership ID number.  You can find your contract number by logging into your DVC member account.  You will then go to my vacation points, which will then show you the contract number for your membership.
 

4. Closing Packet

Once the title company receives the estoppel from Disney, they will prepare the closing packet.  The packet will include the loan documents from Monera and will be sent via email.
 

5. Document Execution

Once you receive the emailed closing packet, you will need to execute the documents.  The originals will need to be sent back to the title company.  Please note: some of these documents require signing in front of a notary public and two witnesses.
 

6. Funding of Loan

Once the title company has everything they need for closing, they will request the funds for the loan from Monera.
 

7. Closing

Within 48 hours of receiving the funds from Monera the title company will close the refinance including thee recording of the deed and mortgage with the county offices.  At this time they will also send you the proceeds, if any.
 

8. Loan Repayment

The loan is secured at closing.  Therefore, repayment of the loan begins one month from your closing date. (for example: if you closing on July 15th, the first payment will be due on August 15th.
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