One of the most common questions asked by applicants seeking a hard money loan is how long the process takes for approval. Unfortunately, there is no one right answer. The length of time will fluctuate depending on various factors, including the type of hard money loan you need, the specific elements of the loan, and your current position in the loan application process.
Approval Process
To help expedite your hard money loan approval process,an important tip every applicant should adopt is providing as much relevant detail as possible in the loan application and ensure that all necessary paperwork is provided to the lender as quickly as possible.
Closing Process
Once your loan application is approved, the next phase is closing on the hard money loan. For example, if you are applying for a “business purpose” hard money loan, this type of loan can be fully funded in a few days, if escrow is already open and a preliminary report was prepared for the loan. If you need to open escrow and have a preliminary report drafted,it could take between five and six days to fund theloan.
If, on the other hand, you are applying for a “consumer purpose” hard money loan, the closing process will take longer due to compliance with specific government regulations.
Factors That Can Impact Approval
It is important to note some specific circumstances that can impact the amount of time for a hard money loan to successfully close. For example, if a preliminary report was not ordered, it may take a few days for the title company to prepare this document. If you find yourself in such a predicament, budget an additional two to three days forclosure.
Further, if an unknown lien or judgement is discovered by the lender, it can create massive delays in closing on your hard money loan, or even result in the loan being cancelled. For the reason that liens and judgments need to be paid off,in order for the hard money loan to be recorded in the desired position.
Looking for Hard Money Loans in Los Angeles? Contact PB Financial Group Today
If you are looking to partner with a highly reputable and sought after hard money lender in Los Angeles and throughout southern California, contact the professional hard money experts at PB Financial Group. PB Financial Group has helped over 2000 clients thus far and can do the same for you. For additional information or to schedule a consultation please contact PB Financial Group at 877.700.3703 or visit www.CalHardMoney.com to learn more.
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