Power of BP and yes deals can be funded in 5 days or less with the right private $

[Jay Hinrichs]

https://www.biggerpockets.com/forums/49/topics/1239975-do-pr... 

This thread was last week.. yesterday  I funded this deal for this investor.. Not saying this is common.. however the investor had his title work done he had some cash and I liked the project so I started working on it with an email Monday the 21st to the title company and Title company referred me to local attorney for doc prep ( note and TD) Docs were to me by Wednesday to review and approve .. Docs were approved within 30 minutes by me .. ( I happened to be in Milwaukee that day touring RE with @Marcus Auerbach of BP)  I approved them Docs went out fed X to the borrower he signed Thursday and fed ex back to title .. And I sent in the funding wire on Friday and it closed.. Borrower had a hard closing date he needed to make and well we made it no problem.   So when the question comes up on BP can a deal get funding in 5 days in some cases sure.. Not generally going to happen with a Broker .. PM it can.. I do my own valuations so no appraisal etc etc .. True Equity based transaction. 

But Borrower has to have some cash which this borrower did and a very nice plan to build a custom spec home.. So hoping it all goes great for him.. 

[Jay Hinrichs]

Quote from @Marcus Auerbach:

Quote from @Jay Hinrichs:

https://www.biggerpockets.com/forums/49/topics/1239975-do-pr... 

This thread was last week.. yesterday  I funded this deal for this investor.. Not saying this is common.. however the investor had his title work done he had some cash and I liked the project so I started working on it with an email Monday the 21st to the title company and Title company referred me to local attorney for doc prep ( note and TD) Docs were to me by Wednesday to review and approve .. Docs were approved within 30 minutes by me .. ( I happened to be in Milwaukee that day touring RE with @Marcus Auerbach of BP)  I approved them Docs went out fed X to the borrower he signed Thursday and fed ex back to title .. And I sent in the funding wire on Friday and it closed.. Borrower had a hard closing date he needed to make and well we made it no problem.   So when the question comes up on BP can a deal get funding in 5 days in some cases sure.. Not generally going to happen with a Broker .. PM it can.. I do my own valuations so no appraisal etc etc .. True Equity based transaction. 

But Borrower has to have some cash which this borrower did and a very nice plan to build a custom spec home.. So hoping it all goes great for him.. 

5 days is incredibly fast! Just the logistics of a wire transfer can take 2 days if you miss the 3pm cut off. We typically close cash buyers in 10 days including title research and policy, prorations, closing statement review etc - and there is not much slack left! 

But that's the difference when you work with someone who has been in the biz for 50+ years ;-) 

Smart phones help and of course I could not do it without my staff !!!  Anyone looking for Milwaukee props look no further than Marcus team.. they have it going on.