Closing a Mortgage in Just 4 Days!

A Remarkable Success Story for a Buyer in Need
Closing a mortgage in Just 4 Days!

Photo by Jacob Bentzinger on Unsplash

Photo by Jacob Bentzinger on Unsplash

In the fast-paced world of real estate finance, time is often of the essence, especially for buyers in urgent need. In this story, we share the inspiring tale of a recent mortgage closing that was successfully accomplished in an astonishing four-day timeframe. Application on Tuesday and closing a mortgage in just 4 days on Friday. This story demonstrates the dedication and teamwork involved in helping a buyer overcome obstacles and meet their funding deadline.

 

  1. A Buyer in Need: Our story begins with a client, who encountered a financial challenge which needed a cash injection of over $2,000,000. The challenge? It must close on Friday…and today is Tuesday. If we missed the deadline, all the work and effort will be for naught. If we met the deadline, a major success can be declared. The client had entertained numerous other options and when he came to us, wasn’t certain we could pull it off. It’s safe to say that the stakes were high.
  2. The Power of a Dedicated Team: The right team had to be assembled in record time. A lender had to be identified and terms negotiated. After speaking with numerous lenders, loan officer Steve Shalaby decided on a lender with whom he had previous experience in just such a situation. That lender had their highly experienced attorney and appraiser on deck and standing by to move once client signed the term sheet. Next, a capable and experienced attorney had to be identified for the buyer’s side. Loan Officer Steve Shalaby knew just who to call for the task.
  3. Game time: It was all hands on deck as we began the process. The first step was to valuate the property. Then came insurance. A homeowner’s policy had to be procured and bound with enough time to process and underwrite the loan. This brings us to the close of day 2 (Wednesday). By Day 3, the appraisal was complete and valuation was only a few thousand dollars away from our initial opinion of value. This was key since any deviation or shortcoming here could mean the end of the deal and precious time lost for the client. Had we failed in accurately estimating value before the appraisal was ordered, the likely result would have been a declined loan. Next step was to recruit the assistance of a highly trained and seasoned attorney to represent our client. Relationships are vital because when you need it done and tomorrow is not an option, one needs to have the relationships in place to capably meet the need. Our attorney Michelle Trca jumped in with both feet and answered her call to duty with flying colors. She reviewed the lender’s loan documents, title work and gave her stamp of approval within 24 hours. Day 4 came, and with appraisal, insurance and underwriting behind us, it was simply a matter of scheduling the closing and putting pen to paper.
  4. Success Thanks to the exceptional teamwork and unwavering dedication of Loan Officer Steve Shalaby’s handpicked team, our client’s mortgage was approved and closed within an astonishing four-day window. The success brought immense relief to our client who wasn’t too sure if it was all going to come together in time. The experience showcased the power of having the right relationships and the ability to collaborate efficiently and effectively to help a client in need.

Closing a mortgage in just four days is no small feat, but through the commitment of a dedicated team, we proved it possible. This remarkable success story serves as a testament to the power of teamwork, efficient communication, and the unwavering commitment of a loan officer on a mission!

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Licensing

Steve J. Shalaby
NMLS# 363374
Streamline Financial Group ,INC.
NMLS#379306

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Contact Us

Streamline Financial Group, Inc.
2901 Clint Moore Rd.
#208
Boca Raton, FL 33496

Office Number:
(561)364-LOAN

Hours:
MON-FRI 8AM - 6PM