Avatar's Blog
» Average Closing Time for Hard Money Loans
Posted on 12/27/2004
Hard money loans can close in as little as two weeks. Avatar Financial Group has a documented ready-to-fund average time of 8-10 business days from the time they receive the completed loan package and supporting documentation.
Actual closing times, however, tend to take much longer. Why? Clients tend to take their time in actually arranging for the final closing. Several reasons are offered by clients, including not being prepared with documents to prove income, financial status, title for the property, inspections, and other documents to support statements made in the initial application. Some clients get ready to close and then hold to the last moment to maximize the benefit of the loan, but not pay interest for a time when they don't yet need the capital.
If you really need to close quickly, make sure you have documentation to support any claims of income, net worth, operating income and expenses, for the subject property, clear title, pay-off documents for prior loans on the property, etc. If you are prepared, the loan can close in as little as two weeks.
Posted in Miscellaneous
Actual closing times, however, tend to take much longer. Why? Clients tend to take their time in actually arranging for the final closing. Several reasons are offered by clients, including not being prepared with documents to prove income, financial status, title for the property, inspections, and other documents to support statements made in the initial application. Some clients get ready to close and then hold to the last moment to maximize the benefit of the loan, but not pay interest for a time when they don't yet need the capital.
If you really need to close quickly, make sure you have documentation to support any claims of income, net worth, operating income and expenses, for the subject property, clear title, pay-off documents for prior loans on the property, etc. If you are prepared, the loan can close in as little as two weeks.
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