Avatar's Blog
» Get Ready for a Fast Closing
As an institutionally funded hard money lender, Avatar Financial Group can close a loan in as little as two weeks. In truth, most closings take 3-4 weeks to complete from the time a Letter of Intent is issued. Why?
About 10 - 20 documents must accompany a closing of a hard money loan. They range from two year's tax returns on the guarantor to title, survey, rent rolls, recent corporate financial statements, a short paragraph describing the use of funds, etc. All these documents must be signed by the borrower / guarantors. What holds up most closings is not the lack of documents themselves, but a lack of the required signatures on them.
Be sure you are ready for closing - all guarantors should sign all the documents before mailing them to Avatar. If a document does not need a signature, there's no harm in the fact that it is signed by all parties. But if a document is missing a signature, it can stall a closing one, two, three or even more days! Tip: Everybody signs everything! Make your documents look like the Declaration of Independence - signatures everywhere! Your loan will close promptly and you'll be glad you did.
