All these guys--bankers, mortgage brokers, appraisers, realtors, home inspectors, real estate attorneys have had it very easy over the past 10 years in my opinion.

I am still working on finding a lender and feel I will just a matter of time.from what my banker told me its always the construction techniques and the sizes are out of the norm by a lot. 

Get it out of the hands of the greedy wallstreet banker.

Jay, as a 20+ year banker that witnessed both the S&L meltdown in the late 80s/early 90s, as well as the commercial bank failures beginning in the early 2000s, from Ground Zero, I thoroughly understand the need for strict underwriting standards.  

One of those FDIC guidelines is that smelly cash should be treated with suspicion by bankers.

I could, in theory pay cash and show a brokerage statement as "proof of funds" to be speedy, or I could go talk to a banker about some kind of loan, which will probably require more paperwork / time to get together.I am totally brand new and don't have any contractors ready to go.  

The banker in turn laid out 3 scenarios to the partners.

That's what we do.I think for the C class working mans rental portfolio I would choose a decent pick up truck.. new old would not matter.I get a little nervous driving to nice of a car to meet my banker for lunch or show him a project.. 

My bankers like it too because I try very hard to be a "good risk".Not giving legal advice, just sharing a thought.

"Closing" a modification of a mortgage is simply the execution of the modification agreement, if title coverage is effected it may be renewed, insurance may be put in place again, taxes may be brought current, loan balances may be adjusted along with interest rates.The lingo of Realtors and bankers and other lenders and servicers is not always uniform, a real estate closing is one thing, a loan closing is another thing.