Real Estate Investing
How to Close a Loan in 3 Days, by HMB
How to Close a Loan in 3 Days, by HMB
Ok, let me preface this by saying that
we dont like to do this all the time
and we cant possibly do this with every
loan but
We can easily close a loan in 3 days
on the right deal with a prepared
borrower.
Here is how it went down:
Jason got a call late Thursday before
Thanksgiving from a borrower we have
never worked with before saying he
absolutely had to close his loan on Tuesday.
And mind you this is the Tuesday before
we all take off for a nice holiday break.
It just so happened the borrower was very
organized, professional and the deal was a
strong one.
Thursday:
-Loan app, contractor bid, sales contract, etc
turned in to Jason
-Appraisal/BPO fee paid
-We pull credit and comps
-BPO and title ordered (RUSH)
Friday:
-Jason inspects property (we always do)
-A couple other documents turned in
Monday:
-BPO and title come in (both clean)
-Property insurance comes in
-Loan documents prepared by our attorney
Tuesday:
-Wire sent from us to title company
-Borrower signs documents
-We all break for Thanksgiving
It was a great loan for a solid borrower
done in a short amount of time. Of course,
they arent all that quick and easy but it sure
would be nice if they were.
If you have a strong loan that needs to close quickly,
dont hesitate to apply. We have some more funds
to lend out in the next couple weeks before the holidays.
Apply here now:
http://hardmoneybankers.com/loan-application
Happy Investing! (get one more deal in this year :) )
by: Harold M Banker
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