Properly setting and then striving to meet expectations is important to Visio. We understand our customers and partners want to know how long it will take for Visio to fund their loan. Here are our recent turn times in calendar days measured from the date of Appraisal Paid to Funded:
34 |
31 |
Purchases |
Refinances |
*Turn times current as of 09/05/2023
There are three key stages Visio tracks when measuring loan turn times, including:
A Visio investment property loan may take longer than your personal home loan for several reasons:
Hard money loans are designed for speed and flexibility, and they typically come with significantly higher fees and interest rates, lower advance rates and terms of less than three years. Hard money lenders most often are local to the subject property and rely heavily on their own knowledge of the property, property condition and location, rather than the knowledge of a licensed appraiser.
Given their geographic focus, these lenders also often work closely with a limited number of service providers, such as, title companies, insurance companies, attorneys and appraisers. This enables them to streamline their communications and respond rapidly to unexpected developments during the loan process.
Finally, most hard money lenders require little by way of income and credit documentation because they instead focus primarily on the value of the property relative to the loan amount. Despite the marketing pitches touting one-week closes, most hard money loans take 30 days or more to close.
Visio Lending is the nation's premier lender for buy and hold investors offering, long-term loans for SFR and commercial rental properties, including vacation rentals.
All rights reserved. Copyright 2022. All loans are originated by Visio Financial Services Inc. or Investor Mortgage Finance LLC. Visio Financial Services Inc. is licensed by the California Department of Business Oversight as a California Finance Lender, license number 60DBO-56345 as well as by the Arizona Department of Financial Institutions as a Arizona Mortgage Banker, license number 1010600. Visio Financial Services Inc. company NMLS ID number is 1935590. Investor Mortgage Finance LLC is licensed by the Arizona Department of Financial Institutions as an Arizona Mortgage Banker, license number 1034031. Investor Mortgage Finance LLC’s company NMLS ID number is 2297729. For more information about the use of our Website, please see our Terms of Use and Privacy Policy.