Lesson 3 of 5 · 6 min
The desk rules
A funder's desk runs on a few rules. They are simple on purpose. They are also the rules you will be measured against when you bring a deal to anyone.
The clean package
Five items. Send these and a funder can answer the same day.
- The signed purchase contract.
- The title company and escrow officer, with contact details.
- Proof of the end buyer's funds, or the end buyer's contract.
- The completed, signed application.
- ID and entity papers for whoever signs.
If one is missing, name it, say who owns it and set the day it is due. Waiting and seeing is how files die.
A fast maybe beats a slow yes
Deals die in queues. A funder that takes three days to say yes has already lost the closing date. Decide on most of the facts and correct as you go. The two gates from lesson 2 are the part that is never traded for speed. Everything else can be.
The clean no
When a file does not fit, say so the same day. Give one fact and one thing that would change the answer.
I can't do this one. Here is why. Here is what would change my answer. If you get that, send it and I answer the same day.
A fast no is a favor. It lets the other person go find a yes while there is still time.
A person decides
Software can read a file in minutes. A person decides whether it funds. If a funder cannot tell you who that person is, ask again.
What to remember
- Five items make a clean package. Name what is missing and the day it is due.
- A fast maybe beats a slow yes.
- The clean no: one fact, one thing that would change the answer.
- Ask who decides. It should be a person.
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This lesson explains how deals are papered and funded. It is not legal advice and does not look at your own deal. Ask your closing attorney about yours.