Commercial Hard Money Lenders: How To Get Your Loan To Close Swiftly

One of the worst parts about applying for any loan, not just one from commercial hard money lenders, is the time it takes to get it approved. The following are a few tips that can help you get your money faster.

One of the most frustrating parts about applying for a loan can be the time it takes to get it approved. Here you are, ready and raring to go, but you can’t do anything until you have some money. With commercial hard money lenders, the time is often a lot shorter since they do not have the same strict requirements as banks do.

However, that is not to say it can’t feel like it is taking too long for the lender to say yes. But if you want to do what you can to expedite the process there are a few tips you can follow.

How To Get Your Commercial Hard Money Lender To Approve Your Loan Faster

The tips may seem simple, but when you are working on getting a loan to help keep your business going it is easy to forget something that may seem like it should be second-nature:

1.    Do your homework. Find out what documents your lender is going to require before you start the process. So that way when the lender asks you for something, you will have it on hand.

2.    Don’t go overboard on documentation. People often like to work with the notion that it is better to have too much rather than not enough, but in this instance, that isn’t necessarily the case. You are better off sticking with only what the lender has requested. Keep whatever you do have on hand in case the lender wants it as they go over your application.

3.    Be ready for anything the lender may want or request. Maybe you know someone who has been shot down by this lender or perhaps you were not approved by a different lender. This, of course, only means something if you took care of the issues that got you rejected before applying again.

It may seem hard to believe, but people can forget to be prepared. But if you want to make sure nothing holds up your loan, do your homework, be prepared for anything, and don’t overload your application with paperwork.

4.     Be Nice To Your Lender. As kids, we get tired of hearing our parents, teachers, and counselors tell us to ‘kill ‘em with kindness’ but it is great advice. People are more apt to work with you and try to make something go smoother and quicker if you give them the respect they deserve. Commercial hard money lenders make money by approving loans and then making sure you pay them off in time.

They don’t want to make things harder or foreclose on you. Doing so only ensures that they do not make money or possibly even lose money. That being said, no one is going to go the extra mile for a rude person.

So mind your manners when dealing with your commercial hard money lender and the process—from beginning to end—will likely be easier and more pleasant for everyone.

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:      (512) 516-1177 
Dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701    

   

About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.