2d • General discussion
We just got half way done with a DSCR loan on Day 1.
This is how you can get your loans closed faster.
Working exclusively with investors has allowed us to learn how to get their deals CLOSED.
But here are a few things we contend with borrowers on:
- the documents we request
- the speed which they get us those documents
- picking the right battles (when to contest an appraisal, etc)
PLEASE when I tell you the initial docs we need, spend the 30 min-1 hour getting them together, putting them in a folder, and sending them in.
That’s all it takes to cut 7 days off your timeline.
Now this is for Foreign National investors, as well.
This borrower is based in the Netherlands.
He got us the upfront docs we needed, submitted the application to the lender, and his file was sent to Underwriting within 24 hours.
For context, the DSCR loan process looks like this after an application is submitted:
- Initial Review (24-48 hours)
- Processing (24-48 hours)
- Underwriting (36-48 hours)
- Conditional Approval
- Resubmitted to Underwriting (36-72 hours)
- Final Review (24 - 48 hours)
- Clear to Close
If you want to shave days to a WEEK off your deals, I’ll share the list in my next post.
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We just got half way done with a DSCR loan on Day 1.
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