Lending process
Cindy and I finally closed two real estate deal in Memphis this week. All I can say after going through this process is "Current lending process is taking a long long time".
We located and started to process those two deals back in February. We communicated with banks back and forth numerous times over past 4 months. Every section of the lending process took much longer than we expected. They asked us for more and more documents including updated and new documents. Personally, we have pretty decent credit score andwe had no problems qualifying loans past several occastions. However, we had hard time in this time. We spoke to several investors and all of them are currently experiencing the same.
Lending situation are pretty tough right now. At the same time, it can be a great opportunity since not many people can obtain the loan while few people can enjoy investing in current great real estate market.
We located and started to process those two deals back in February. We communicated with banks back and forth numerous times over past 4 months. Every section of the lending process took much longer than we expected. They asked us for more and more documents including updated and new documents. Personally, we have pretty decent credit score andwe had no problems qualifying loans past several occastions. However, we had hard time in this time. We spoke to several investors and all of them are currently experiencing the same.
Lending situation are pretty tough right now. At the same time, it can be a great opportunity since not many people can obtain the loan while few people can enjoy investing in current great real estate market.
Comments (2)
Oh...It will take that long Charles! Banks are freaking INSANE right now. My wife and I have perfect (800+) FICO scores, great income, great balance sheet, etc. and it took us almost a year to refinance a subject-to purchase from 2 years back. I had a small 2nd on a bullet that was due in June and I restarted the refi in DECEMBER of last year and barely made it. Plan on having to go through severe pain with the banks right now. It will happen.
Bryan Hancock, almost 16 years ago
I'm still in the preliminary stage of getting my commercial financing done. Hopefully it doesn't take anywhere near that long.
Account Closed, almost 16 years ago