Two lenders had already passed. The borrower had purchased a mixed-use property at a bankruptcy auction in Brooklyn, 16 residential units and four commercial units, and needed to close immediately. Both lenders who had been working the deal declined at the last minute. Then they called We Lend.
Forty-eight hours later, the loan was closed.
We Lend LLC operates exclusively in the New York and New Jersey market and has closed over 1,400 loans totaling more than $700 million in originations. CEO and Founder Ruben Izgelov does not present that 48-hour close as a marketing number. He explains exactly what made it possible, because the same conditions that enabled it are within reach of any prepared borrower.
What Made the 48-Hour Close Possible
Private lenders process appraisal and title work in parallel with internal document review. When a borrower arrives with everything the lender needs, both tracks run simultaneously from day one. The appraisal is ordered, title work begins, and the internal credit review runs alongside both.
When documents arrive in pieces, that parallel process breaks down. The internal track stalls while the lender waits on missing information, and the appraisal and title work continue without the internal review keeping pace. The result is a closing date that keeps getting pushed, not because the lender is slow, but because the two tracks can no longer finish at the same time.
In the Brooklyn deal, the borrower arrived with complete documentation. Everything the lender needed was already there. Both tracks ran from the first hour, and when the appraisal and title cleared, the loan was ready to close.
“I always tell borrowers: we can close as quickly as you can get me documents,” said Ruben Izgelov.
What a Typical Timeline Looks Like
The 48-hour close is real, but it is not the standard. The normal window is seven to ten days, which is still dramatically faster than any bank process.
That timeline assumes a borrower who arrives organized, with a complete personal financial statement, a clear scope of work for any construction component, and the property documentation needed for internal review. It also assumes an appraisal and title process that moves on a normal schedule.
Deals that take longer than ten days almost always trace back to the same cause: incomplete documents requiring follow-up, unresolved questions about scope of work, or a borrower who treated document preparation as something to handle after finding a lender rather than before.
What Borrowers Need to Prepare
A borrower’s preparation before approaching a lender directly determines how fast their deal can close. At minimum, a borrower should arrive with a complete personal financial statement, proof of funds for any required equity contribution, a detailed scope of work if the loan includes a construction component, the purchase agreement or auction documentation, and any prior appraisals or valuations available for the property.
Having these ready before the first conversation typically shortens the process by several days. The borrowers who close fastest are not necessarily the ones with the cleanest deals. They are the ones who arrive the most prepared.
Why Speed Matters More Than Most Borrowers Realize
In the New York and New Jersey market, the deals worth pursuing move fast. Auction properties, off-market acquisitions, and competitive situations with multiple buyers do not wait for a lender to collect documents over the course of a week. A borrower who cannot deliver certainty of close on a short timeline loses deals to borrowers who can.
This is one of the reasons experienced investors maintain established lender relationships before they need them. Arriving at a lender for the first time in the middle of a time-sensitive deal is the worst position to be in. The lender needs to underwrite the borrower as well as the deal, and that process takes time even when the property itself is straightforward.
Investors who have already closed at least one deal with a lender move through subsequent closings significantly faster. The lender knows them, the documentation process is familiar to both sides, and trust has already been established. For deals where hours matter, that foundation is worth more than almost any other preparation a borrower can do.
For more on how We Lend structures its process, visit welendllc.com/how-it-works.
Ruben Izgelov is the CEO and Founder of We Lend LLC, a private real estate lender specializing in bridge loans, ground-up construction, and complex situation financing across the New York and New Jersey markets.
Disclaimer: This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
