This guide covers Utah hard money loan closings in 24 hours for real estate investors offered at Lending Network, LLC. Lending Network, LLC is the best Utah Hard Money Lender with the fastest loan process and funding time than any other hard money lender in Utah.
There was a recent incident where disaster was around the corner and how a hard money loan officer saved the day. This potential disaster was avoided when we could not meet the hard money loan purchase closing date. All commercial and hard money mortgage brokers with similar cases like this should read this case scenario on how this near disaster got saved at the last minute. This article will discuss and cover hard money closings in Utah.
How Long Does Hard Money Closings in Utah Take
This section will review a recent case scenario of hard money loan closings. A loan officer submitted a complete mortgage application package to ABC Hard Money Lender (Not using the real name to protect interests). ABC Hard Money Lender is a correspondent lender.
The team at Gustan Cho Associates has seen borrowers go through stress at other hard money lenders happen too often, This is why the team at Gustan Cho Associates is extremely cautious about submitting and processing loans to wholesale investors. Loan officers can lose their realtor referral sources by screwing up one loan.
It was for a hard money borrower we will name TB from Florida. The client signed the completed commercial mortgage application and the disclosures and submitted all necessary documents. The mortgage application was processed and submitted to ABC Hard Money Lender. The closing date was set for three weeks from the date of the hard money loan application submission.
Timeline of Hard Money Loan Closings in Utah
After the hard money loan processing department submitted the mortgage application, the loan officer was not concerned because there was plenty of time to close.
After a week, the mortgage processor checked on the status. It turned out that the file at the opening department of the lender did not touch the file.
The mortgage file was sitting unopened and not assigned to an underwriter. The loan officer and processor requested a rush on this file. The borrower had non-refundable earnest money and a drop-dead closing date. ABC Hard Money Lender apologized for the mishap and asked the loan officer if the borrower could get an extension. The answer from the client was an absolute NOT. The closing date could not be extended.
Utah Hard Money Loan Closing in 24 Hours or Less
The loan officer directed the mortgage processor to process the loan internally outside the processing department of the hard money lender. The hard money loan was processed and ready to upload to the lender’s underwriting portal for review. The underwriter worked late that day and underwrote the file, and approved the loan with conditions. The borrower had a prior recent appraisal. The hard money loan appraisal was transferable. The underwriter reviewed the appraisal and everything was good. The underwriter signed off on the hard money loan and was scheduled to close once the closing department and the title company agreed on a time.
Best Utah Lenders For Hard Money Loan Closings in 24 Hours
The mortgage business is tough. The burnout rate for mortgage brokers is probably among the highest in any industry. Each Utah hard money lender, has their own lending requirements and timeline for closing dates. Hard money and commercial wholesale mortgage lenders make up their overlays.
Countless mortgage brokers are experiencing many problems with wholesale lenders promising one thing, changing their promises, and denying their client’s mortgage loans.
It is best to never refer anyone unless you have had personal experience with them. Hands down, it will not go wrong on Hard money loan closings on time. Contact us at Gustan Cho Associates at 1-800-900-8569 Or email us at gcho@gustancho.com. They are short-term hard money rehab loans and commercial loan experts. You will not be disappointed. I guarantee it!!!!
