What have you tried to get lenders to respond to your request faster?
I don't know if the extra effort of having more documents is worth it, sometimes they are too picky IMHO.
[{"id": "hse6pu7", "text": "Call them", "replies": [], "depth": 1}, {"id": "hse6z2h", "text": "Not sure what issue you are having but I recently was able to get a deal closed by EOY 2021. I had 3 commercial lenders tell me it couldn't be done. The original lender that I had connected my client with said they could do it, so I just kept on their asses about it. The biggest delay was the appraisal. When the appraiser called me, I asked when it would be completed and it wasn't going to be quick enough for us to close by year end....so I went back to the loan broker and said this isn't going to work because they have a completion date of....they reached out to another lender who could get the appraisal done faster and we closed the deal on time. \n\nIt takes follow up, clear communication and keeping them to their word.", "replies": [], "depth": 1}, {"id": "hse8b2q", "text": "From a lenders perspective, you're asking them for money, so provide the documents they're asking for.  You can't expect them to move faster if you're not providing all the info.", "replies": [{"id": "hsed85t", "text": "Thats bull dawg. You arent asking them for money. You are offering them the opportunity to invest in a deal you sourced. Lenders are begging to give you money.", "replies": [{"id": "hsegg23", "text": "Depends on the who you are in the process.  The owner is asking someone for money.  If you're a middle man it's a different story.", "replies": [{"id": "hselmfh", "text": "Lender wants to get a deal done as much as the borrower does. Lender also has a cost of capital and needs to deploy $$. That cost of capital can get high if the lender isnt a bank or lifeco.", "replies": [{"id": "hsepb4j", "text": "Lender isn't going to lend without due diligence.  If a borrower is either reluctant to provide documents or incapable of providing them, it's hard to justify lending them money.  I know debt firms who had record years in 2021 on deal count and capital deployed, and that's after being slowed up by appraisers and legal in Q4.  No one is going to waste time if a property owner can't get basic due diligence documents together.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "hsegwu8", "text": "Eh. They gotta make sure your deal is worth touching.", "replies": [{"id": "hsel4mj", "text": "Fair.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hsfdad6", "text": "Just a thought from a former career lender\u2019s perspective. It\u2019s a relationship business. If you wanna treat it like a transaction get in line. If you have a good relationship with a lender you\u2019ll get attention. As a lender I had my client base that I would respond to immediately night or day to work through numbers and get a deal done for them. If someone went elsewhere to save an eighth- percent on the rate then no problem next time get in line I got loyal clients to handle first.\nEstablish a relationship with a lender you see eye to eye with and you won\u2019t have these problems in my opinion. Lenders want to give good service to their clients that aren\u2019t just seeking the lowest rate, transaction oriented.", "replies": [], "depth": 1}, {"id": "hsfeibp", "text": "I\u2019m a lender. If you send me a good deal, I\u2019ll be all over it. It might not be as attractive as you think it is.", "replies": [{"id": "hsfeuzf", "text": "How do you rate a good deal?", "replies": [{"id": "hsfvrq0", "text": "That\u2019s going to be different for different lenders. I want to see a guarantor with a lot of liquidity and a big portfolio. I\u2019m not going to get excited if the loan is under $5m and I\u2019m not going to do it if it\u2019s under $2M.", "replies": [{"id": "hshza2r", "text": "This points out a key point about lenders. They are not all looking for the same thing. It\u2019s important for the borrower to have a relationship with a lender that\u2019s interested in doing the property type and size loans the borrower is interested in and qualified for based on that lenders criteria. Good borrower liquidity, strong outside net worth and solid property economics make most deals easy to finance.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]