Published December 14, 2012
The simple answer is that it takes about 60 days to close an apartment loan. At times, unforeseen delays can make it longer. If we give your loan priority status, perhaps it can close in as little as 50 days. However, the amount of time can vary greatly, depending quite a bit on the experience and sincere effort of your commercial mortgage broker.
If you have an inexperienced commercial mortgage broker who doesn’t use great, persistent effort to close the loan in a timely manner, your loan could take many extra months. The danger of picking an incompetent mortgage broker is that the loan drags on for so long that you lose the ability to secure the property you desire.
To talk with us directly about this, with questions about loan rates, or any other question regarding apartment loans, call 866-811-9515.
Why does the persistent effort of an experienced mortgage broker make such a difference in the time it takes to close a loan? Because the lenders that your mortgage broker works with are extremely busy, typically have too much work to do, and need to be called daily to keep your loan a high priority.
The people who process your apartment loan are typically so busy these days that if a mortgage broker does not persist in daily follow-through, your loan is very likely to be put on the back burner. Pretty soon, what should have been a 60-day process is now going to be 90 days, 120 days or more.
Companies that process loans typically have cut back on staff, and have an incredible amount of loans to process. It is the experienced and conscientious commercial mortgage broker who will persist daily in reminding the lender to complete the many different parts of the loan. On any given day, the mortgage broker may call and find out that your loan is sitting on the lender’s desk and has not been attended to. Or perhaps the lender, in his busy schedule, forgot to schedule the appraisal appointment. Or worse, the lender forgot to check if your property is in a flood zone; it turns out to be in a flood zone, and getting the proper document delays your loan a couple of weeks.
Apartment Loan Store has an A+ rating with the Better Business Bureau. We will work hard for you with the goal to close your apartment loan in a timely manner. Some delays may occur, such as a lender being sick for a few days, or a loan document taking extra days in the mail. But we will put great effort toward getting your loan through to close on time. Call 866-811-9515 today.
By Bruce Painter, Marketing Director