Question for Ed. - Posted by ScottSC

Posted by Ed Garcia on November 02, 2000 at 09:08:27:


The answer to this question is pure speculation on my part. There could be many factors.

(1) The borrowers could be slow in providing the necessary information to the lender.

(2) Being loans, which are questionable, the lender could be requiring more information than they would normally request to validate the loans.

(3) The lender could be inundated with business and processing is taking longer.

(4) The lender could be short handed in personal.

(5) The lender could be incompetent and slow.

Scott, these are the 5 main reasons a lender would not process in timely manner. On a case-by-case basis, I know that there could be many other reasons.

My suggestion when experiencing this is to try another lender or at least send some of your deals to another lender and bring it to their attention as to what you are doing, and why. Explain to them, that you can’t live with their delays. Once they see that they are losing business, They will pay more attention and be more responsive. Now you have turned the situation into " How To Have Lenders Fighting To Give You Money".


Ed Garcia

Question for Ed. - Posted by ScottSC

Posted by ScottSC on November 01, 2000 at 19:50:47:

Ed, I am new to CRE, therefore financing.

I am putting land home packages together, and am frustrated with the slowness of the mortgage companies from sales contract to closing.

What would help speed up this process?

The buyers are not the A paper type, usually.

Even this being the case why do they keep giving false closing dates?