Process · Submission to wire
There is no broker layer, no table-funding, no second underwriter. The person who quotes the deal signs the closing docs and approves the draws. Below is what the calendar looks like.
The five steps
The fastest path is the rate-quote form — it routes directly to the underwriting queue. Property address, purchase price, scope, and exit strategy are enough to start. No application fee, no soft pull until terms are accepted.
An underwriter — not a salesperson — replies with rate, leverage, and origination. If you accept, we pull a soft credit inquiry and trigger title. The underwriter who quotes the deal owns the file from this point forward.
We order title and a desktop or full appraisal in parallel — never sequentially. Sponsor uploads bank statements, entity docs, and prior-deal track record through the borrower portal. The bottleneck here is jurisdictional title turnaround, not us.
The same in-house team that quoted the deal sends closing docs. No table-funding. No call to a capital partner. No last-minute repricing because of conditions that were always there.
Funds wire at close. From draw one onward, inspectors clear within a business day; reimbursement wires within 48 hours of clearance. There is no first-draw audit before construction begins — the interest reserve funds your work until the first true draw.
Why the calendar matters
| Community bank | PML | |
|---|---|---|
| Time to indicative terms | 2–3 weeks | 4 business hours |
| Time to close | 45–90 days | As fast as 48 hours; 14 days typical for ground-up |
| Maximum leverage | 65–75% LTC | Up to 90% LTC, 100% of construction |
| Construction draw turnaround | 2–3 weeks | 48 hours after inspection |
| Underwriting | Loan committee, then a second loan committee | In-house, single-team file ownership |
| Application fee | $500–$2,500 | $0 |
Documents you need ready
Most delays are not credit-related. They are document-related. Have these ready before submitting and the timeline above is fully achievable.
Personal & financial
LLC, LP, or trust
About the property
The 48-hour close, hour by hour
This is the floor, not the ceiling. A clean cash-purchase bridge with formed entity and clean title closes inside this window. Construction deals with appraisal contingencies run longer.
You drop the property, price, scope, and exit into the rate-quote form. It hits the underwriting queue in real time, not a marketing CRM.
An underwriter has reviewed the deal and replied with rate, leverage, origination, and any conditions. You either accept, counter, or move on.
Soft pull on credit, KYC on the entity, title order placed with our preferred local title shop. All three run in parallel.
Borrower uploads bank statements, entity docs, ID. Processor verifies completeness and pings the underwriter on what is missing.
Local title shop returns the commitment. Underwriter reviews for liens, easements, and chain-of-title issues. Clean commitments move; complex ones get flagged.
For a desktop appraisal or AVM-supported deal, value is finalized inside 24 hours. For full appraisals, this is when the appraiser is on the calendar; values come back 3-5 days later.
Borrower secures the policy and uploads the binder. PML’s mortgagee clause is named. Insurance is the single most common day-1 blocker that we cannot control on your behalf.
Same underwriter who quoted the deal authorizes the closing-doc package. No second team. No call to an external capital partner. Docs land in your inbox or with your closing attorney.
You sign with a mobile or in-office notary. Some states require attorney closings, which adds 2-4 hours. Title shop confirms and uploads signed package.
PML wires from our own account to title escrow. Title disburses to the seller (or to your account on a cash-out refinance). The deal is closed and the loan is funded.
Three timing scenarios
These are illustrative profiles, not specific past closings. Real timelines depend on title shop, appraisal availability, and how prepared the sponsor walks in.
Sponsor owns the property free and clear after a cash purchase 60 days prior. Wants 70% LTV cash-out to redeploy into the next deal. Entity formed, prior PML closings, clean title.
Sponsor has a fully executed contract on a foreclosure-side SFR with a 7-day close. Needs 88% LTC, $135K rehab budget. Repeat PML borrower; entity already on file.
First-time multifamily sponsor, formed entity 90 days ago, lot owned for 6 months, $2.8M construction budget. Needs full appraisal, builder's risk, and a draw schedule keyed to vertical milestones.
What slows a deal down
These come up on a non-trivial percentage of files. None of them are credit-driven. All of them are solvable if caught early.
The single most common reason a deal stretches past two weeks. Unresolved liens, missing reconveyances, broken chain of title, unrecorded quitclaim deeds — any one can add weeks.
We pull title day 1, not day 5. Anything ugly gets flagged in 24 hours, not 14 days.
If you suspect a chain-of-title issue, order a preliminary title report before submitting. Send it with the application.
In tight markets — Austin, Denver, Phoenix in season — appraisers are booked 10-14 days out. The appraisal becomes the gating item even when underwriting is otherwise ready to clear.
Desktop appraisals or AVM-supported underwriting where loan size and product allow, eliminating the field visit.
Ask up front whether your deal qualifies for a desktop. If yes, you save 7-10 days.
Bank statements older than 60 days, expired entity good-standing certificates, an insurance binder that names the wrong mortgagee — small things that pause the file at the closing-doc stage.
The document checklist above is updated weekly. The processor flags issues within 24 hours of upload, not the day before closing.
Pull every document at the time of submission, not when requested. Day-of bank statements are best.
Sponsor wants to close in an LLC that has not yet been filed, or files the LLC the same week as the close. State certificate-of-formation processing varies wildly: 24 hours in some states, 6 weeks in others.
We can close in an existing entity and assign post-close in many cases, or accept formation pending if the state turnaround is short.
Form the entity 30-60 days before submitting the loan, in a state with fast filing (Delaware, Nevada).
Why our calendar is different
The same underwriter quotes, approves, and closes. No file hand-off between teams. No second underwriting on the back end that re-prices the deal.
PML lends from its own capital. There is no “let me check with our investor” on a closing call. The committee that approved the deal at indicative terms is the same committee that signs at close.
Construction-loan draws fund within 48 hours of inspection clearance. Most peer lenders run two-week draw cycles, which kills cash flow on active builds.
The underwriter or AE who answered your first email is the same person on closing day, on the first draw approval, and on the payoff statement. No phone-tree, no “let me transfer you.”
Operational FAQ
Process-specific. For product-level questions about rates and leverage, see the main FAQ.
Yes. Once you accept indicative terms, PML floats a rate hold for 30 days. If a closing slips past that window because of borrower-side delays (title, insurance, entity formation), we will re-quote at the current rate sheet, not punitive pricing. If the delay is on PML’s side, the original rate stands.
Two paths. Either we re-base the loan amount to maintain the original LTV/LTC ratio (you contribute more equity to close), or we restructure with a higher origination point in exchange for the original dollars. We do not retrade on appraisal alone if the comps support the deal and the appraiser’s adjustments are demonstrably wrong; we will request a reconsideration of value first.
If you already own the property free and clear and we are funding a cash-out bridge, the path is faster than purchase: 48 to 96 hours from submitted application to wire is realistic. The bottleneck is title and entity verification, not credit decisioning.
No. First-time PML borrowers have closed in 48 hours. What we require is a clean file: legible bank statements, formed entity, scope of work that ties to a budget, and an exit strategy that holds water. Repeat borrowers go faster because we already have the entity docs and a track record.
No. The indicative-terms response is based on the property, scope, and self-reported FICO range. We pull credit only after you accept the term sheet, and it is a soft pull until full underwriting begins.
Common. We underwrite the sponsor behind the entity, not the entity’s own age. New LLCs are fine as long as the sponsor on the personal guarantee has either prior real-estate-investor experience or sufficient liquidity to weather the deal. Brand-new entity plus brand-new sponsor is also fundable; just at slightly different leverage.
Yes. PML lends in all 50 states and the sponsor can reside in a different state from the subject property. The vast majority of our loans are non-owner-occupied investment properties where this is the default situation.
Title issues are the most common reason a deal stretches beyond two weeks. A complex chain of title can run 4 to 6 weeks before underwriting can sign off. We have closed deals in 35 days that should have taken 7 because of unresolved liens or quitclaim deeds. We will tell you on day 2 if title is going to be a problem.
Within 48 hours of inspection clearance. The inspector schedules same-day or next business day in most markets. Once cleared, wire goes out in the same business day cycle. Total from request to funds in account: typically 48 hours, sometimes faster.
Personal: government-issued ID, the most recent two months of personal and business bank statements, a credit authorization signed at term acceptance.
Entity: operating agreement, articles, EIN letter, certificate of good standing.
Deal: purchase contract or owned-property proof, scope of work or budget for construction, ARV evidence, prior-track-record list. Full checklist is in the section above.
Submit a property and a real underwriter responds within four business hours. No application fee.
Private Money Lenders