Posted by IB (NJ) on December 01, 2000 at 04:25:27:
Well I’m applying for a loan from one bank and a credit line from another. The money, in terms of interest, is cheaper than a hard money lender.
How Long Does It Usually Take? - Posted by IB (NJ)
Posted by IB (NJ) on November 30, 2000 at 19:29:58:
I submitted 2 applications to two different banks for loans on two different properties. The first one was submitted to a major bank, First Union, last Friday (11/17/00). The second application was submitted the day after at a smaller local bank. My credit is good so it should be no problem getting approved. But how long does it usually take for a bank to get you the money?
FU has already told me that I’m approved but seems to be taking their time in getting back to me to schedule the appraisal.
The local bank has had my app since last Saturday and I still haven’t heard from them on whether or not I’ve been approved.
I’m not impatient or desperate but I do have a business to run. I just though the banks would move a little quicker. What’s everyone else’s experience when applying for a loan (or credit line) from a bank?
Re: How Long Does It Usually Take? - Posted by dewCO
Posted by dewCO on December 01, 2000 at 11:37:44:
Why don’t you ask them when they will anwser and why they haven’t. Ask why no appraisal scheduled. These sound like simple straight forward loans. Should have a anser in a day or two. If there is a contract involved do they have a copy? Ask them if they are going to meet the dates in it.
End of the month and the T-G holiday screws up the whole lending business. So that could be the problem, and it gets worse for Xmas and New years.
Stay on their butt or move you loan to someone who can produce. YOU ARE THE CUSTOMER!!!
Why? Why I say, are you borrowing from a bank? - Posted by Curtis
Posted by Curtis on November 30, 2000 at 21:53:56:
?
Re: How Long Does It Usually Take? - Posted by phil fernandez
Posted by phil fernandez on November 30, 2000 at 19:49:03:
Might be 3 to 6 weeks before your deals are approved. One hold up could be that appraisers are backed up and banks won’t approve a loan app until the appraisal has been completed and in their hands.
Be patient.