Wednesday, November 01, 2006

"How fast can you fund this deal? I really need to move fast..." Want to know what every hard money lender is thinking?

Every borrower wants a fast funding.

I have yet to meet a borrower who says, "Hey, I have no problem being put at the back of the line, and if there are other loans that are more important than mine, please feel free to move them ahead of my hard money loan. I have no problem being stuck at the end of the line. Just get around to my loan when you get a chance."

Every borrower wants a loan that can fund by the end of the week.

Every hard money lender wants to say this to every borrower, "Look Mr. Borrower - apparently for whatever reason you have dinked around with this thing. You have chosen to fumble around with getting this loan. Mr. Borrower, you have chosen to make it less than a high priority up until now...

... and now you expect me to solve your money problems by the end of the week."

Sure, I have no problem dropping every other loan I have in progress. I am sure the other borrowers will understand that your loan is more important than theirs.

Fund your loan by the end of the week? I would if I could. Remember, I will need to order appraisal, and title insurance...

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