Small Talk: How Long Does Your Loan Approval Usually Take?

Question

I’ve been hearing different stories from investors—some get approvals within hours, others wait days.
Thought this would be a great place to compare notes:

How long does your approval typically take from the moment you submit your deal?

Trying to see what’s normal across different markets.

Stacy Raskin · Answer

It depends on what type of loan you're applying for. For conditional approvals- HELOCs can be same day if done through an online process. Fix and flips depending on the lender can be same day to the same week. DSCR loans can be same week depending on when the loan is submitted (if submitted early in the business week can be same week). Conventional loans vary widely depending on lender. Can be same week or longer.

Final approval and funding will depend on the appraisal and all required paperwork being turned in. Online HELOCs can be within 14 days. HELOCs that require in person appraisals will be more like 21-30 days. DSCR loans for 1-4 units are generally within 21-30 days. Conventional loans follow the same pattern. Sometimes it can be done more quickly- these are generalized ranges.

What drives final approval and funding the most is making sure that all documents are handed in quickly and that the appraisal is ordered, paid for and scheduled at the beginning of the process. The borrower has control over this.

Also, important to work with reputable lenders as conventional and DSCR loans are regulated differently. DSCR loans terms can be changed at any time so important to work with a professional who has a good reputation. Legally loan terms and amounts can change at any time and that is to be avoided. Usually if it sounds too good to be true, it probably is.

Happy to connect to discuss further.

Debbie Fales · Answer

Our approval process is pretty quick - think hours, not days. Once we've sent out a conditional approval, the speed to get to closing depends on how quickly all the documents are uploaded to our web portal. All said and done, we can usually get to the closing table within 10 days to 2 weeks.