I just finished two bridge loan deals with different lenders and wow, what a difference

I mean, the first one was with this big national bank and it took like 4 months to close, with them asking for the same docs three times. The second was with a local debt fund here in Phoenix, and we closed in 45 days flat. The local guys just got it, you know? They understood the value-add plan for this 50-unit complex without needing a 100-page report. Their fee was 1.5% versus the bank's 2%, and the rate was actually lower. Has anyone else found that smaller lenders are just way more efficient for short-term stuff?

3 comments

3 Comments

adam_young3121d ago

My last deal with a regional lender closed in 30 days because I had one guy's direct cell.

pauljones21d ago

Yeah, asking for the same docs three times is just the tip of the iceberg. That kind of mess happens because big banks have these huge, separate teams that don't talk to each other. You end up stuck in their system, not with a person who can actually fix it.

rowan59321d ago

Wait, they asked for the same documents three separate times? How does a process that broken even happen at a big bank?