How to close a loan by the end of the year
As any commercial real estate professional knows, the journey to closing a loan is not exactly a speedy one – a fact even more pressing if you’re racing the calendar to close a loan by the end of the year. Banks and other traditional lending institutions can take months to review an application against a scrutinous and exhaustive list of qualifications, some of which have nothing to do with the project at hand. Not to mention, these institutions require a tidal wave of information to even be considered, taking up more of your time in the process. When you’re staring down a deadline that’s only a few short weeks away, you simply do not have the time to wait for a traditional lender. The longer it takes to secure funding, the more the project stalls, holding up every aspect of a commercial real estate project. That means the unique opportunity presented to you in Q4 could sail right by you into the next year.