Hard Money Lender that can Close in Three Days?

Question

We had a contract fall through last night and need to pay off a hard money loan by Tuesday (that or extend with the current lender for only three months, and I would rather have a 12 month bridge loan at this point). Any hard money lenders who can close in three days?

Jay Hinrichs · Answer

I am sure you will get all sorts of sure i can do that.And is title run and ready to go.. ??? if not probably not going to happen in 3 days.Also 99% of HML require an appraisal so thats not going to happen in 3 days.U will need a True private money IE an individual Like me that does these kind of deals. I do my own valuations of the asset I dont use 3p apprasials.. so we can and do fund in a matter of days If I really like the situation.. I make the decision not a Broker who has to send to an underwriter etc etc.. but of course there is a premium to pay for those services. I suggest you work it out with the existing lender thats going to be your cheapest ave.Just be careful of fakes offering you things that sound to good to be true..

Jay Hinrichs · Answer

spec builder I have built 35 new builds in downtown area.. I was one of the first spec builders to go across the tracks with new builds ( America st.) sold that house to Shep of Southern charm.. And i have done about 10 remodels and about 14 new builds in N. Charleston bought a few tracks and did minor partitions on them.. But we dont hold anything as you know prop tax's there for investment properties can be eye watering.. I did have one of my San Fran clients buy a duplex downtown that was zoned and permitted for STR and its been a big money maker for her.. Anyway good luck with your lending situation if you need to chat further just send me a Pm and we can take it off line.

Chris Seveney · Answer

I concur with Jay - if you have title and appraisal yes I could close it in less than 3 days. Also the question is how much are you looking for compared to appraisal? For exampleif its a $600k property and you seek $300k a desktop appraisal could be done vs. a full appraisal by some lenders but if you are seeking 75%+ then it will get hairy. Also ask for a six month extension as Jay mentioned. If you have the above send me a PM

Jay Hinrichs · Answer

simple ask for a 6 month extension and pay for it up front.. Being a HML for 30 years I would never turn that down for a client that is current.. but of course i make my own rules. other lenders maybe using wall st. lines of credit to fund your deal and they are not the masters of their own domain.. they may have covenants that make these type of arrangements not possible.. but anyway I get what your saying but just ask I think you might find them accommodating again I know i would no problem.PS do you live in Charleston I just closed on a lot downtown and will be going vertical in Dec. LOVE that town and Market its awesome.

Roger Mace · Answer

I agree with Jay about the closing time. I am a broker and I do work with lenders who can close fast. Each have their pluses and minuses depending on what you need. I am here in the Knoxville area. Not all of my lenders require an appraisal either. We are flexible but I would want to know what your needs are. You can contact me atrogermace@pinnaclefundingsolutionsllc.com

Tanner Lewis · Answer

Check out Forbes' recommendation for fast closings and reach out via email if you want to make it 48 hours: https://www.forbes.com/advisor/mortgages/real-estate/best-ha...

Jacob Sherman · Answer

yes can assist with a bridge for upto 24 months if its on market or a DSCR 30 year fixed loan if renting it and holding it

Lisa Beard · Answer

That's wonderful! There are so many parameters here and such a small STR district. I'm finding greater returns on Folly Beach in Charleston and in the smokies. But I love downtown, so I will eventually have something there :)I connected and messaged you - great to chat!

Lisa Beard · Answer

Yes! I live on James Island, a 5-10 min drive into downtown. That is so exciting! I primarily have STR’s (BRRRR STR mostly), so downtown is not the friendliest place to invest for my strategy, but I have always wanted an 1800’s home to rehab and bring back to life down there. I’m sure what you’re building will be beautiful! Vacation home? Investment?

Lisa Beard · Answer

The existing lender may be cheaper, however with the sales contract falling through, it means pressure to get a contract quickly. I won’t want to feel pressured to sell for less due to a loan coming due. I’d rather close a 12 month bridge than a three month extension :)