Every loan rep or a broker must know the significance of timing. The timing must be opportune; because if that is not the case, the deal will never float to completion. So we can say that timing is closely associated to getting the loan approval letter issued in no time.
However, what must be done when the borrower is not at all able to get the needed docs on time? Does that mean a long wait until everything gets approved? No. However, it will always involve a little hard work on your, the borrower’s, part.
Today, in the age of the Internet, information can be accessed in no time; so you will have to leverage this specific piece of information technology to get your bridge loan or any other commercial property funding approved. However, many know little when it comes to leveraging the Internet in such a way that will expedite the loan-approval process.
Property pictures
One of the key items that every underwriter will need is the pictures of a property. There is no reason at all to wait for a borrower to give you property pictures. Rather, it has become way too simpler to find property pictures, now, by using Google Earth.
Here you can get your property’s aerial views as well as the street views. So a click here and a keystroke there will get you your pictures that must be sent to the underwriter. However, it is still better to watch out as some pictures may be out of date. Which is why it becomes very important for you to note the date that is mentioned with the picture. If, however, you are submitting old property pictures to a lender, it will be best for you to update your lender and assure the lending party that updated pictures will be provided once the loan-approval process is initiated.
Property details
Again, this is the second most important item that every underwriter will require for pushing your loan application one step farther in the loan-approval process. For example, if the borrowers tell you that there is an industrial building on the premises, but they are unable to dig up the information related to it, then you must not wait for them to provide you the details (such as the parcel size or the square footage value).
Also, do not whittle time away if you are unable to find the info for yourself. You can get the help of another marvelous fragment of information technology that goes by the name of LoopNet. This tool is one of the best ways to find all the reports associated to a property’s history, sq. footage, parcel size, tenants, the land’s tax history, etc. And what is the best part-it is, indeed, free to use. Plus, the tool even has a set of filters that can help you to differentiate good deals from the bad ones.
So when it is about getting to pass your applications for commercial bridge loans, it will be apt if you can provide the relevant information (related to property pictures and other technical details) on time. And, now, you can provide such relevant info at the push of a button.
Comments are closed, but trackbacks and pingbacks are open.