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07-19-2015, 01:28 PM #1
- Join Date
- Jul 2015
- Posts
- 2
Borrower Diligence
I'm new to the industry, and this forum, so apologies if this is a stupid question or if the answer is somewhere I missed. Anyways I was wondering how much diligence is done on a typical small business loan?
So for example if you are making a 50k 6 month loan what would the typical underwriting process involve? Does it involve bank statements, a 20 minute meeting, calling the landlord, a personal credit check, etc? I'm just trying to understand if diligence is something that could be done in 30 minutes, if it would take several hours, or some other time period. I realize a lot of firms probably do things differently but I'm hoping to get a decent ballpark idea.
Don't worry I'm not planning on launching a new lender so you don't need to worry about any potential competition. I'm looking at investing in the space. Thanks
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