I received a call from a borrower this past Thursday who was referred to our office by another broker who needed to close on a short sale house purchase by next Wednesday, we only had 6 days to close. Originally the buyer had a partner who was putting up 50% of the money and our client the other 50% but the partner backed out at the last minute and now the buyer needed us to quickly lend the missing 50%. This is why many buyers will call a private (hard money) lender, we can close that quickly. I told the borrower to e-mail me their income documentation that day and we'll get it done. We ordered the appraisal that day from Dave Deska at DM Valuation in Livonia, MI, met him the next day, Friday and I just received our appraisal today, Sunday. Because this was suppose to be a cash sale I called my title officer Kathy Hilliard at Parks Title in Royal Oak, MI to run title on the property and set up a split closing to close on our loan only so a cashiers check could be delivered to the seller's title company who was closing on the property sale side. All of this will be done within 6 days, try that with a conventional lender and you won't get beyond the broker's laughter.
The next time you need a loan closed quickly think about calling your hard money lender or private money lender and see the impossible become the possible. And by the way, we have found great support from our valued relationships with our appraiser and title company, we could not have done this without them. When you surround yourself with quality people and treat them fairly and with respect (and don't ask them for too many favors like this) you can really make things happen.
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