Loan Approval In Pennsylvania

"Your loan has been approved" is a set of magic words that everyone likes to hear when buying a house. The funny part about getting a loan approval is that banks tend to make it into this large drawn out process that results in a lot of anxiety and anticipation. When evaluating a loan for a loan approval in Pennsylvania with hard money bankers, it is much quicker and less dramatic. I am sure I could make the announcement of the approval more exciting, but the truth is, it is usually so quick that people miss it. We do asset based lending so 90% of the actual approval portion is done on the deal itself. We do not have to wait to receive your tax returns, income statements, DNA etc. The deal itself is what we primarily gauge the possibility of the loan working. Because banks are not as aware of local markets like hard money lenders, they have to try to offset their risk by underwriting the borrower more than the collateral. This causes delays, lots of paperwork and multiple inspections. By the time all of the that has been completed for the banks review, hearing that the loan is approved is very exciting because you just went through a lot of hassle to get it. It should not be that way for investors looking to close deals quickly. Most of the time, when an investor calls to review a deal with me, I can tell them right then and there on the phone if they are approved and if we want to lend on the project. I usually tell them that I can send them to our site to fill out a lengthy form if they want, but it really isn't needed.