Updated 2 months ago on .
Term Sensitive or Trust Sensitive - and 10 days for a payoff statement?!
Real Estate Investors: when it comes to finding short term financing partners, are you more term sensitive, or trust sensitive?
Terms are important and can have a big impact on your profitability, absolutely.
But do you know what makes a bigger impact? Trust. Do you trust that they are going to do what they said they would? Can you rely on them when you need them, and will they deliver?
OR if you align with a lender that is the cheapest, you will probably also get the cheapest quality of service when it counts - and that can sometimes feel pretty costly.
REAL LIFE EXAMPLE: We had a new customer come to us for a refinance loan. They were looking to get cash out really quick to finish their project. We completed our process and delivered docs, all ready to close in 3 days.
BUT there was a hold up. Their current lender hadn’t sent the payoff statement. We proceeded to wait ANOTHER 7 days before we could close, all because of not being able to obtain one payoff statement. We never got a full reason or explanation for the delay.
Terms are important, and you should shop around and find something competitive. But a 10 day delay in the real estate investing industry can be pretty costly.
What are you - term sensitive or trust sensitive?
-------
I work with KlinkLoans Fund, we are a local hard money lender in Arizona. We provide fast, simple, and reliable loans for real estate investors. Our mission is to increase the joy in real estate investing.
If you are investing in Real Estate in AZ, we would love to be an extension of your business and make the financing part easy so you can focus on other aspects of your business or life. Send me a message or check us out at www.KlinkLoans.com
OH - and if you need a payoff statement, don't worry. We have a policy to get those out within 1 business day of being requested :)