Timing is very important when making a loan and this is something that every loan rep or broker knows. If you want a deal to be closed, it mostly depends on perfect timing. The approval of a loan is closely associated with perfect timing.
The problem is that sometimes borrowers are not able to get all the needed documents on time. If you are a borrower and you are late in submitting your paperwork requirements, it doesn’t mean that you will wait until everything gets approved but it will involve hard work on your part.
Getting you loan approved involves accessing information on the internet and using it to your advantage. People are not yet aware that internet information can actually help process your commercial loans quickly.
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Underwriters need pictures of a property. Underwriters do not need to wait for a borrower to give them property pictures. It is no longer needed to actually have a picture of a property because by using online tools like maps, you can easily look at the property picture.
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In these map tools you can get a street view as well as an aerial view of the property. Just simply clicks will allow you to send pictures to the underwriter in no time. Check that the pictures you will be sending are current pictures of the property. When you send pictures make sure you check the date on the picture to know if it is recent or not. If you are sending an old property picture, don’t forget to inform your lender that updated property pictures will be submitted when the loan approval process in already proceeding.
You will also be required by the underwriter to give your property details so that he can push for your loan application one step farther in the process of loan approval. If you somehow don’t have any of these property details, you can now use online tools to help you find the data required on your property, and here you can find property details like its history, its area, parcel size, tenants, tax history, and some other pertinent data. The best part is that using this tool is free. Differentiating good deals vs bad ones is possible with this tool.
If you want your commercial loan to be approved in short period of time, make sure you provide everything that is required of you, from property pictures to relevant property information and other technical details, and you need to submit them on time. Internet resources allow you to get what you need with only a few mouse clicks.
You can recommend these resources to people who need paperwork to provide to their underwriter for the speedy approval of their commercial loan application.