[dbishop@peoples.bank]

I should have also added – do you date your loan documents the date of closing and funding is delayed? or do you date you loan docs 3 days before closing date, so funding happens on closing date. I feel like the second option is a little weird as you are taking a mortgage on a property that the borrower does not own yet.

[dbishop@peoples.bank]

Follow up question – since you are taking both properties, is it okay to use the new purchased property as collateral even though they will not technically own the property until 3 days later?

[Author]

Replies