Among the many advantages of hard money loans is speed. Here at Actium Partners, we are like most other hard money lenders in the sense that we strive for quick turnaround time. One of our goals is to get loans approved and funded as quickly as possible.
The first thing to do if you need an immediate loan is to contact our office. The sooner we begin the process, the sooner you could be approved. Can we guarantee overnight funding? No. However, we can guarantee that our approval process is lightning fast compared to retail banks.
Days Instead of Months
We pride ourselves in being able to approve and fund loans within days of application. Unlike banks, we do not force borrowers to jump through hoops and fill out endless reams of paperwork. Because our application process is so quick and straightforward, we can act on every loan application more quickly.
Go to a bank and it may take you several days to fill out the paperwork. Then you might spend the next several weeks following up with additional paperwork. It could be a month before you get a decision, let alone funding. By that time, your need has long since passed.
Come to us instead. You will experience a streamlined application process with speed at its core. We will review your application as quickly as possible, check on your collateral, and render a decision. And once we approve your loan, we will fund it as quickly as we can.
Immediate Loans Are What We Do
Needless to say that immediate loans are what we do. We are hard money and bridge loan specialists with a lending strategy designed from the ground up to be fast and efficient. For example, We received a call on a Wednesday letting asking if we could fund a loan the next day. A Credit Union that was going to fund the loan backed out at the last minute leaving the borrower in a tough place.
The purpose of the loan was to purchase real estate and he was afraid if he did not close the next day (which was his settlement deadline) that the property would go to one of the backup buyers.
We researched the property and did a sit inspection early Thursday morning. It passed inspection so we quickly drafted loan documents and funded the loan the next day (Thursday). Had it not been for Actium the buyer’s opportunity to purchase this land might have vanished.
Be Ready with Your Collateral
If you need an immediate loan, we are the Salt Lake City lender to turn to. We recommend that you be ready with your collateral for the fastest possible approval. Why? Because hard money and bridge loans are approved primarily on the value of offered collateral.
Like banks, we look at collateral and apply a loan-to-value ratio. This is how we protect ourselves against making bad loans. You can help increase the chances of fast approval and funding by offering collateral that will more than cover the amount you want to borrow. The stronger your collateral, the greater your chances for an immediate loan.
Collateral is typically real estate in our business. Sometimes we fund transactions using the property being purchased as the collateral. Other times, clients present us with a property they already own to act as collateral. It matters not to us as long as the value and resale potential are there.
Are you in need of an immediate loan? If so, forget retail and commercial banks. They are not built for speed. In fact, their application and review processes are purposely designed to be slow in order to protect their depositors. We do things differently. Speed is built into our system so that we can fund loans as quickly as possible.
