PSA: My bridge loan fell apart 48 hours before closing

The lender's internal committee killed the deal on a 12-unit in Phoenix, citing a sudden policy shift on vintage properties. Had to scramble and get my equity partner to cover the gap with a personal line. Anyone had a lender pull out that late in the game?

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evan_carr6mo ago

Happened to me last year on a six-plex. I had a backup hard money guy on speed dial who closed in five days, but the points were painful. Now I get two lenders to the finish line on every deal.

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noah4153mo ago

Funny you mention that, because I've noticed some lenders are now using third-party data brokers to flag "risky zip codes" based on outdated crime stats. Worth checking what your lender's automated systems are even screening for before you get too far in the process.

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richardh446mo ago

Yeah, that "sudden policy shift" line is brutal. I read a piece last week about how lenders are just slamming the door on anything built before 1980, calling it a "vintage risk." It's not just Phoenix, either. A guy on another forum had it happen on a small apartment building in Cleveland. They're moving the goalposts while you're mid-kick. Makes you wonder what the point of a commitment letter even is anymore.

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