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The End of the Year Cometh – and That Very Soon!
Believe it or not, the end of the year is upon us. Most banks have already switched to just focusing on closing the loans that are in their pipeline. Many banks have already issued their deadline dates-dates by which loans have to be in to close this year. In most cases, that date has ALREADY passed! In other words, if your loan is not already in process at the banks or lenders you are trying to close with- they may not be able to close it this year!
Many banks are so backed up, they are worried about closing even loans already in their pipeline. SO IF YOU ABSOLUTELY HAVE TO CLOSE A LOAN BY THE END OF THE YEAR-WHAT DO YOU DO? The answer is private money lending. Private money lenders are just as busy as the banks but they operate without the regulatory environment that the banks have to operate from. We are a private money lender and we can still take a loan in this month and close it in the same month. As the holidays approach, even private money lenders turn times will slow as we focus on closing out our pipelines, and the companies we rely on like appraisers and title companies, are backed up as well. Commercial mortgage volume has swelled this year and everyone who is good is just very backed up.
The good news is that pricing has come down with private money lenders. Some have rates in the 6’s and for Class A projects in major metros, those rates can be in the 5% range. Of course, the smaller or tougher your deal is, (in other words-the more risky the loan), the higher the rates will be. But the certainty of execution is sure. So if you have a loan that absolutely has to close this year and you are still needing approval, give me a call. I know which lenders might be able to sneak you in conventionally still, and if that does not work, I have the private money sources to make sure you do not lose that property or miss out on that 1031 exchange. WHEN YOUR LOAN ABSOLUTELY HAS TO CLOSE THIS YEAR-THERE IS ONLY ONE NUMBER YOU NEED-512-650-8630. Give me a call today!