Here’s the scenario: You have a bridge loan that you need to close, and fast. Time is of the essence. Perhaps the banks are dragging their feet. Others might be making false promises. In the current market, that just won’t work for you — or for anyone.
You do have some lenders in mind that can get the job done, but it’s imperative that you have “all your ducks in a row” to ensure that you can get your loan done on time. Is that difficult to accomplish?
In reality, it’s easier than you might think.
The steps for getting to that point are very basic. From the perspective of Kennedy Funding, the first step is to make sure your due diligence is performed before you come to us — or to any lender, for that matter. Get the right property valuations, make sure you have clear title, secure surveys, and make sure that the property is environmentally clean.
Most importantly, honesty is the best policy—be up front about the past, including any credit problems, partnership issues, or environmental problems, to name a few. While many lenders will be forgiving about any past problems, issues that surface after the fact foster an atmosphere of mistrust and will further delay the loan process.
The bottom line for a speedy closing: Tell it like it is and we will work it out together, to the satisfaction of all involved.