I get where you’re coming from, but I’ve actually had a couple online platforms move way faster than my local guy ever did. Less coffee talk, more “here’s your approval.” Sure, you lose the face-to-face poker game, but sometimes I just want to skip the small talk and get to demo day.
“Less coffee talk, more ‘here’s your approval.’”
That’s a fair point—speed can be a huge advantage, especially when you’re trying to lock down a deal before someone else does. Have you ever run into issues with online platforms being less flexible on terms, though? I’ve found my local lender will sometimes work with me on draws or timelines if things get weird mid-project. Wondering if that’s just luck or if others have had similar experiences.
Honestly, I’ve had the same thing happen—my local guy will bend a little if something unexpected pops up, but the big online platforms? Not so much. They’re quick, but it’s like talking to a robot sometimes. Ever had them freeze a draw because of some tiny paperwork issue? That’s happened to me and it threw off my whole schedule. Curious if anyone’s found an online lender that’s actually flexible when things go sideways... or is that just wishful thinking?
I get what you’re saying about the local guys being more flexible, but honestly, I’ve had the opposite happen once. My first deal, I went with a small local lender and they got super picky about a minor inspection thing—ended up delaying closing by almost a week. The online platform I tried after that was strict on paperwork, yeah, but at least I knew exactly what to expect and could track everything. Not saying they’re perfect, but sometimes the predictability is actually less stressful for me. Guess it depends on what kind of headaches you want to deal with...
I’ve actually bounced between both—local hard money and the big online names—and honestly, neither one is totally hassle-free. I get what you mean about knowing what to expect with the online platforms. The process is pretty much spelled out, and if you’re organized, it’s just a matter of uploading docs and waiting for the next step. I like being able to check a portal instead of playing phone tag.
But the thing that tripped me up with the online guys was when I hit something out of the ordinary—like an unexpected title issue. Suddenly, their “predictable” process didn’t really help because everyone I talked to was just following a script. Felt like nobody could actually make a decision or think outside the box. That’s where I missed having a local person who could just pick up the phone and work through it with me.
That said, my local hard money guy once decided he needed a second appraisal after we were already halfway through. No warning, just “we need another look.” Delayed everything by days and cost me more than I budgeted for. I get that they can be flexible, but sometimes it feels like “flexible” just means “unpredictable.”
If I had to pick, I guess I lean toward the online route for refis or straightforward deals, just for my own sanity. At least I know if there’s a hoop, it’s spelled out up front. But yeah...pick your poison. Sometimes I wonder if there’s really any way to avoid headaches in this business, or if we’re just choosing which ones we’d rather deal with.