When you need a commercial mortgage loan fast, you'll more-than-likely have to turn to a private commercial mortgage lender, otherwise known as a 'hard money" lender.

Their ads will boast super fast closings and promise you your funds in 5 days or less.

But can they really close multi-million dollar loans in 5 days or less? The answer is; yes they can, but they probably won't.

Private lenders, especially ones lending their own money from their own accounts, can close whenever they want. They could close in 5 hours if they wanted to. Hard money lenders generally don't have loan committees, complicated underwriting ratios or tons of paperwork to slow things down. Their ads are true; they really can move at lightning speed.

But, I'm here to tell you, they don't fund loans in mere days for just anyone or just any deal. Hard money commercial mortgage lenders are just like any other business; they hate to lose money. They tend to move as-fast-as the situation calls for and not much faster. In-other-words, if you've got a month they'll take a month and if you only have a week, and they want the loan, they'll get it done in a week.

Don't expect miracles from a lender. If you do you'll be disappointed and, worse, you might lose your deal. Anything less than 3 weeks is pushing the envelope, especially if you are a new client or borrowing against a piece of property that the lender is looking at for the first time. Don't wait 'till the last minute; start your search for a legitimate lender as-soon-as you realize you've got a short fuse deal. And, by-the-way, due to the increased risk of hastily underwritten loans, they charge higher rates and more points for fast closings.

I'm not bad-mouthing private lenders, hard money loans are a substantial part of my business. Private lenders are an important part of the commercial real estate finance industry. And when you need one, they're absolutely indispensable. I'm simply attempting to manage your expectations as-to time horizons.

Commercial real estate hard money lenders can and do routinely close loans, even big loans, with unbelievable speed and efficiency. One week closes happen all the time. However, they will only take the risk of closing quickly if they really want the deal, and there is no other, more judicious way to get it done. Most loans take 3 weeks or so to complete, 4 weeks is not uncommon. 3 or 4 weeks is a far cry from 5 days, but it's still less than half of the 3 months banks, insurance company or Wall Street would take.

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