Hard Money Loan Closings In 30 Days Or Less At GCA
This BLOG On Hard Money Loan Closings In 30 Days Or Less At GCA Was UPDATED On October 8th, 2018 and Written By Michael Gracz of Gustan Cho Associates
As a mortgage broker,
- I have a fiduciary responsibility to my clients
- It is my responsibility that all purchase hard money and commercial mortgage loans close on time
- There was a recent incident where disaster was around the corner and how Michael Gracz of Gustan Cho Associates ended up saving the day
- This potential disaster was avoided where we could not meet the hard money loan purchase closing date of June 21, 2017
- I would like all commercial and hard money mortgage brokers who have similar cases like this to hear my story
Here Is The Story On Hard Money Closings In Less Than 3 Weeks
I submitted a complete mortgage application package to ABC Hard Money Lender (Not using the real name to protect interests), which is one of our dozens of correspondent lenders May 21, 2017.
- It was for a hard money borrower I will just name TB from Florida
- The client signed the competed commercial mortgage application as well as 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 June 21, 2017
After our commercial processing department submitted the mortgage application, I was not concerned because we had plenty of time.
- Then on this past Monday, June 10, I had my processor check on status
- She did
- Guess what?
- ABC Hard Money Lender did not even open up the file!
- I was so livid and could not believe it
- They promised to put a rush on it and promised to expedite the file and asked my processor if she can get an extension from the client
- I told my processor absolutely not
- The closing date could not be extended
- I then directed my processor to submitted to our commercial loan processing department
- I had the client sign Gustan Cho Associates documents and it was uploaded on my system on Wednesday July 12
- Thursday July 12, 2017 we had a conditional approval!!!!!
- The hard money loan appraisal is transferable and we are on target to close next Friday July 21, 2017
- This is not the first time my team has saved the day for me and my client
- I have decided not to get stressed out and minimize risks and handle all of our commercial files personally
Attention Mortgage Brokers Who Need Fast Hard Money Loan Closings
The mortgage business is a very tough business and the burn out rate for mortgage brokers is probably one of the highest in any industry.
- Hard Money and Commercial wholesale mortgage lenders make up their own overlays as they go
- Countless of mortgage brokers are experiencing a lot of problems with wholesale lenders promising one thing and then changing their promises and denying their client’s mortgage loan
- I had this happen to me too many times so I am extremely cautious to who I submit my loans
- Loan officers can completely lose your realtor referral sources by screwing up one loan.
- I never refer anyone unless I 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 and tell them Michael Gracz of Gustan Cho Associates sent you there. They are short term hard money rehab loan and commercial loan experts. You will not be disappointed. I guarantee it!!!!