An experienced private mortgage lender can fund a private mortgage within 10 days and sometimes sooner. GW Private Capital has funded loans within 2 days. This is not the norm, but it is doable.
If your private money loan is taking more than a week or two weeks to close, you should be concerned. There are some private mortgage lenders that make promises that they will never fulfill and leave you frustrated or worse, without the funds you need.
If you are concerned that your private money loan is not going to fund, give your private lender a deadline and start shopping around. Find a private lender who can help you and stop wasting time with a lender who is only offering empty promises.
The Type of Hard Money Loan
There are several types of hard money loans that you can apply for. The answer to the question of how long it takes to get a hard money loan is, therefore, dependant on the type of hard money loan you need. It also depends on the circumstances of the loan and your current position in the loan application process.
Therefore, you must first look into the various types of hard money loans available and find one with a timeline that favors your needs. It is also necessary to look into issues that might extend the time it takes to close a hard money loan deal.
Hard Money Loan Approvals
Written conditional private money loan approvals should be issued to you within hours or a few days. If your private money lender can not give you a fast yes or no and a written proposal within days, call another lender.
How Soon Can You Get the Money After Approval?
Conditional private money loan approvals can be issued within hours or a few days. Sometimes there is information that needs to be obtained, such as the value of a property or the verification of rents, but a conditional proposal can be provided that should give you an idea that the loan will be offered if specific conditions are met.
If you have any doubt that your private lender will not be able to commit and offer you a loan at terms that you agree to, call around and find a private lender who is professional, transparent, and will perform and fund your loan.