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 @Chris Seveney:

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.. 

 Great post and as you mentioned - it can be done and you hit some keypoints;

1. Borrower had some cash

2. Borrower had title work done and was going through the process with experienced people (not a quit claim deed seller finance no title company no escrow etc situation).

yes it was a clean deal. As lenders over the years we all get these.. folks shopping for cheapest money first or through broker daisy chains.. then boom their time line runs out and then we get the call.  WE of course make a premium for these services So there does have to be some really nice upside for the borrower to make sense of it as well.  I would say I only get to fund about 1 out of 10 scenarios like this that come to me maybe less.. But it can be done ..with true private money.. The companies that need to run credit and get apprasials etc etc just cant get these done that quick.. which is OK i get that.