Borrowers always want to know how long it takes to get financed. Here is how it typically works:
• I will email an application to you;
• If I think I can help you out I will send you a Letter of Interest;
• I call my Lender for a ball park rate;
• I get your hard cost budget, drawings and soft costs;
• I order the appraisal;
• I negotiate your loan with the Lender to get you the best deal I can. The Lender and I will negotiate the draws and your skin in the deal. How much cash you need upfront. Everyone usually needs money for soft costs (permit fees, drawings, engineering, etc.) up front.
• The Lender issues a commitment;
• The commitment will likely require a deposit for the Lender Fee;
• The Lender does a site inspection.
• We decision your deal. If the Lender is a go, we move quickly to close;
• I only deal with one Lender at a time. Until the Lender says “no”, I won’t move on. Its bad business to shop your deal all over town. Only inexperienced brokers shop the deal everywhere because they don’t know where to send the deal.
On the average it takes a couple weeks to get financed if it’s a fairly straightforward deal.