Known strategy to find a (very) quick loan?

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Known strategy to find a (very) quick loan?

Ofir R.
Member since 2023 · 26 posts · 17 votes

Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

Thank for your friendly advice!

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Elias HalvorsonBusiness Member
HI · Member since 2024 · 225 posts · 130 votes
9mo
Quote from @Ofir R.:

Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

Thank for your friendly advice!


 Personal loan. You may have to sign something stating you arent using it for real estate - but they typically dont check anything. You can use it for "debt consolidation" or something. 

808-517-6416
Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
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  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    9mo
    Quote from @Ofir R.:

    Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

    Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

    This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

    Thank for your friendly advice!


     Personal loan. You may have to sign something stating you arent using it for real estate - but they typically dont check anything. You can use it for "debt consolidation" or something. 

    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
    WebsiteView Page
    2Reply
  • Frankie VozziBusiness Member
    Member since 2025 · 336 posts · 82 votes
    9mo

    Hi Ofir great question. For very fast funding (like $30K in under a week), most institutional lenders can’t move that quickly due to compliance and underwriting timelines. Investors typically rely on: Private capital, Local private lenders who offer small-balance short-term notes, Or restructuring their primary refinance to free up capital sooner. 

    [email protected]516-888-7750
    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    9mo
    Quote from @Ofir R.:

    Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

    Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

    This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

    Thank for your friendly advice!


     Have you looked into a Business line of credit?

    [email protected]818-269-7983
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    • Ofir R.
      OP
      Member since 2023 · 26 posts · 17 votes
      9mo
      Quote from @Erik Estrada:
      Quote from @Ofir R.:

      Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

      Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

      This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

      Thank for your friendly advice!


       Have you looked into a Business line of credit?


       no, I haven't. Social media is full of these ads but I don't believe in a word they say.

      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      9mo
      Quote from @Ofir R.:
      Quote from @Erik Estrada:
      Quote from @Ofir R.:

      Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

      Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

      This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

      Thank for your friendly advice!


       Have you looked into a Business line of credit?


       no, I haven't. Social media is full of these ads but I don't believe in a word they say.


       Check a local bank with a branch. They should be able to help you obtain one if you have a decent amount of funds deposited with them 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    9mo
    Quote from @Ofir R.:

    Hi, we are working on making a purchase of a multi-purpose property. We want to leverage one of our rental properties and refinance it with a DSCR loan. Since finalising the loan will take 30 days (and there are the holidays...) and we need to close the deal sooner, we are looking for a very quick lending option of 30K, which we will return in less than 60 days.

    Except for calling our friends and asking for favours, do you have another idea for lending such a sum in a few days (up to a week)? 

    This is still theoretical - asking a general idea. When the time comes, I will provide documentation and game plan.

    Thank for your friendly advice!


     Friends or family is probably the only way you are getting that loan or a very small private lender. When you look at the interest and time someone will take to underwrite this type of loan and money they would make on it for having their money out the door for 60 days, its really not worth it for the vast majority of people.

    7e investments53 Reviews
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  • Doug Smith
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    9mo

    I own a mortgage company and I've been CONSTANTLY on the lookout for RELIABLE small, private lenders that can do small deals. They are darn near impossible to find. We've only found a couple that we can actually count on. I even have a small deal right now and all of my "go to" folks are tapped right now. I did post the need a while back and got tons of inquiries, but found they were all either brokers trying to daisy-chain it or they weren't for real. I'm with ya. I'm looking too for small, private lenders and have been for more than a decade. They are really, really hard to find outside of friends and family. 

    1Reply
  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 503 votes
    9mo

    Perhaps a HELOC if looking for options outside of friends and family.

    Also, a DSCR loan can close more quickly than 30 days depending on the lender and how quickly the appraisal is scheduled and documents are turned in.

    Happy to connect to discuss further. 

    [email protected]818-770-0340
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