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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_carr4d 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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richardh444d 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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