5/20/12 BP Newsletter: Pacing Your Investments, Increasing Profits, & Speeding Up New Deal Screenings
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Blogs » Real Estate Investor » California » Monterey Park » A journey of two real estate enthusiasts » Lending process
Lending process
Saturday, June 12
Cindy and I finally closed two real estate deal in Memphis this week. All I can say after going through this process is "Current lending process is taking a long long time".
We located and started to process those two deals back in February. We communicated with banks back and forth numerous times over past 4 months. Every section of the lending process took much longer than we expected. They asked us for more and more documents including updated and new documents. Personally, we have pretty decent credit score andwe had no problems qualifying loans past several occastions. However, we had hard time in this time. We spoke to several investors and all of them are currently experiencing the same.
Lending situation are pretty tough right now. At the same time, it can be a great opportunity since not many people can obtain the loan while few people can enjoy investing in current great real estate market.
Comments
Takeshi Yashima
YSM Properties Tennessee LLC
Real Estate Investor
Monterey Park, California
| Website: | http://www.takeshiyashima.com |
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"Oh...It will take that long Charles! Banks are freaking ..."
from Bryan Hancock, on Lending process - ·
"I'm still in the preliminary stage of getting my commerci..."
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Charles Perkins Reply
almost 2 years ago
I'm still in the preliminary stage of getting my commercial financing done. Hopefully it doesn't take anywhere near that long.
Bryan Hancock Reply
almost 2 years ago
Oh...It will take that long Charles! Banks are freaking INSANE right now. My wife and I have perfect (800+) FICO scores, great income, great balance sheet, etc. and it took us almost a year to refinance a subject-to purchase from 2 years back. I had a small 2nd on a bullet that was due in June and I restarted the refi in DECEMBER of last year and barely made it.
Plan on having to go through severe pain with the banks right now. It will happen.