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.. 

[Don Konipol]

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 deal.  About 7 years ago we were approached with a slam dunk deal where the lender couldn’t come up with the money to close - probably a broker disguising himself as a lender - anyway the transaction had to close in 48 hours and we did it.  BUT - everything g was lined up and since I am the sole underwriter/decision maker we are able to move fast when necessary.

More typical is the borrower who comes to us through a broker who has not ordered title work, doesn’t have a survey (necessary for commercial property in most states) needs an MAI appraisal, and whose contract to purchase has probably already expired.  Also typical is the borrower who came to us through a broker 3 days ago; he has to close by the 30th or he loses $50k earnest money.  He was all gong ho for us to get him a term sheet, which he promptly took to the seller to get an extension, and once that was achieved began shopping for a “better” loan.  He’ll be back in 30 days when he hasn’t obtained 
better” financing and he has 5 days to close or lose his earnest money.  I will either reject his application or go ahead with the loan adding 2% to the interest rate and 2 points additional origination fee for “aggravation”.