One of the hardest jobs that a loan broker has is "matchmaking" their client's loan request with the right funding source. Additionally, one of the biggest setbacks to closing loans quickly is having a lender decline a loan, requiring that the process begin again with somoene new. With these two challenges in mind, you can see how vitally important it is for the broker to understand the client's loan scenario, as well as potential lender's guidelines for approval as early as possible in the process.
Closing loans quickly can often seem like an unreachable goal. However, there are some tips and tricks to keep the wheels of the loan machine turning and churning in the right direction, with an end goal of faster closing for your client's loans. They all center around the basic idea of:
HOLLYWOOD, CA - Helvetica provided a $1.7 million bridge loan to refinance a looming balloon payment on a mixed use, retail building in Los Angeles, CA. The loan was originated by a local mortgage broker who reached out to Helvetica requesting a quick closing. The borrower wanted to sell the property but first needed to make several renovations to the building. Helvetica stepped in and quickly funded the stabilization loan and provided cash out for the borrower to make the necessary property improvements.
LOS ANGELES, CA (February 2, 2017) - Ben Wilson, Director of Lending and Acquisitions, arranged for another Helvetica small balance commercial loan refinance of a Church building in Los Angeles. A non-profit organization has owned the building for over 30 years and was facing a looming maturity. Inconsistent income, credit challenges, low cash balances and a quick closing, made this loan an unlikely candidate for a traditional bank loan.
The mortgage broker brought the loan request to Helvetica after having several successful alternative loan closings. Confidence in closing, process transparency, and common sense underwriting gave the borrower and broker certainty in execution. "We continue to fund high equity loans when banks say no. We have several church borrowers in our portfolio and welcome the opportunity to fund bank turn downs when the loan to value is below 60%," said Chad Mestler, CEO of Helvetica Group.