The quality of the initial application often dictates the speed of loan approval and settlement. To help brokers and borrowers, Arrin outlines the vital elements of an application and discusses the initial conversation that needs to occur to ensure all parties are across the loan and its purpose.
This video is part three of a six-part series. Here, Arrin clarifies the difference between a primary and secondary exit strategy and discusses why clearly outlining both is paramount in the success of a private lending application. It’s important to remember that an exit strategy isn’t a ‘choose your own adventure’ type scenario; instead, our credit team is looking at either a refinance, payout, or sale of the security property.
When the borrower/s understand and are fully committed to both a primary and secondary exit strategy, it means our credit team can review the application and proceed with settlement faster.