Just had a loan officer ghost me after 3 weeks of paperwork

Spent the better part of a month gathering tax returns, rent rolls, and bank statements for a small strip mall in Phoenix. The guy at First Federal seemed real interested until I sent everything over. He stopped returning emails and calls last Tuesday. Has anyone else had a lender just vanish like that on a deal under $2 million?

2 comments

2 Comments

riley8603d ago

Man that's brutal, especially after all that legwork on a deal that size. My buddy just had the same thing happen on a similar sized deal in Tucson, turned out the lender was swamped with bigger loans and just dropped smaller ones without saying anything.

christopher_craig2d ago

Yeah that lender thing happened to me once and it stung pretty bad. What finally worked was getting a pre approval letter from a smaller local credit union before I even started looking at properties. They moved faster and actually seemed to care about the deal size. Also started calling lenders directly instead of just emailing, because a real person on the phone is harder to blow off. Took a few tries but found one that stuck with me through the whole process.