Updated over 5 years ago on . Most recent reply
Hard Money Lenders - typical wait time
Hi
I’m still learning about Hard money loans... so my question is how fast can someone get a hard money loan?
I had someone ask me if I knew of a hard Money Lender for a deal that’s closing in 11 days.
Most Popular Reply
I can close much faster than that, although I can't help you since I lend in MA and NH only. However, the takeaway for you to is to keep looking.
I don't order appraisals, I estimate the value I'm willing to lend on, and that happens at the very beginning of the process instead of the end. So you know right away if the deal is going to work. Then the longest wait is for title, a day or two, and my attorney has in-house title so she's super quick.
So call around until you find a lender small enough to do his/own appraising (he's probably using his own money, not investor money) and large enough to not run out of money. That person can move quickly.
I don't order appraisals, I estimate the value I'm willing to lend on, and that happens at the very beginning of the process instead of the end. So you know right away if the deal is going to work. Then the longest wait is for title, a day or two, and my attorney has in-house title so she's super quick.
So call around until you find a lender small enough to do his/own appraising (he's probably using his own money, not investor money) and large enough to not run out of money. That person can move quickly.