Funding

6 Replies

Hi All:

I am trying to obtain a small loan (at least for California) of $100k.  The BofA has made me jump through unbelievable hoops to get this loan!  My question is, they keep telling me I just need "one more thing" and now they tell me after 2 months that they need me to close my credit card accounts before they can fund me.  Is this standard?  Also, I paid off all the cards, so I am debt free.  What the heck?

Same experience i am having.  "just one more thing"  My favorite is asking about deposits to my checking account that were reimbursements from work!  Lesson learned..i now have a "simple" checking account and one that is a little more "complex".  Fremont bank has been pretty good..at least they have been asking questions within a day or 2 of getting information versus the others i have had to deal with. 

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I guess I am not alone on this!  Thanks for your post

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It's a constant struggle some times, but you have to understand that the banks really do not want to repeat the mistakes made during the early 2000s where people were loaned money which they could not repay. So if you want their money, just do your best to be proactive and ask the mortgage broker you're working with what you can do to accelerate the process as often as you can. 

If you're too tired of the system, you could try direct commercial lending, hard money lenders, private money, etc. to fund your deals instead, but they have their own risks. 

Well, I hope Im at the end of my last hoop with BofA.  I understand why they do it but it seems so unnecessary to keep asking for more details about something over and over!  frustrating to say the least.  thanks to all, I 'll keep you updated.  I will reach my goal to own several rental properties soon!

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