HML Fail! Sherman Bridge Lenders
I have a HUD property on contract which expires on 1 Dec. I had 45 days to close. Since this is my third property I chose not to go with a conventional loan. I assumed banks wouldn't want to talk to me anymore. Plus I thought I could turn it around in under a month because the deal was so good.
I chose Sherman Bridge because they advertised closing within 5-10 days. They kept dragging the process and had me reschedule my closing by two weeks. Now they're telling me they need another few weeks to close. They've wasted my time and most likely my deal.
I have another HML telling me they may be able to close in a week but no promises...
HUD offers extensions for legit reasons at $15 per day. I'm now thinking I just bite the bullet and extend by 30 days and go to a solid conventional lender my realtor recommends.
Would like to hear your two cents.
Imad