borrower needs to close in 11 days. i know it's tight but i've heard some lenders can move this fast. anyone have lenders who consistently close in under 2 weeks? what's the secret to making it happen?
I have a borrower who wants to acquire a mixed-use property (2 retail units on ground floor, 4 apartments above). $1.1M purchase, 65% LTV request. The retail is 50% occupied. Which bridge lenders are comfortable with mixed-use and what should I expect on terms?
Seeing a split in my lender pool. Some are pushing hard for 12-month max terms, others are fine with 18. From a borrower perspective, 18 months gives more runway but the rate is usually higher. What's the consensus on term length right now and how do you advise borrowers?
My borrower is 2 months from their bridge loan maturity and the exit isn't ready. They need a 6-month extension. The lender is quoting a 1% extension fee plus a rate bump. Is this standard? And how do you negotiate extension terms?
I'm getting more pushback from lenders on exit strategies lately. Used to be "sell or refi" was enough. Now they want specifics: timeline, comparable sales, refi qualification analysis. How detailed are your exit strategy write-ups? And has anyone seen deals declined specifically because the exit wasn't convincing enough?