What is direct lender

There are a few kinds lenders. Most institute lenders are retailers. Like most loan products from banks. Bank of america, countrywide, any name you say. The real money comes from 2nd or 3rd level investors. Most of them comes from Chinese big banks through FNMA or Freddie Mac. So most of then are sililar speed and very tough on conditions to face the over react investors.

The real directly lenders are your local hard money loan lenders. they can approval your loan in one days. they use their own money. They visit the property to evaluate the value by them self. Usually they loan you 60% of the market value and do not care your credit, income, the rate is about 12% to 18% and they charge 2% + $1 to $2k fee what ever they call.

A good loan agent, real estate agent, real estat investor usually knows a few such lenders. Or you can search hardy money loan through Internet or your local RE investment club.

They are designed to let you buy the property not quolify standard conforming loans and let you have time to fix them and get time to refi later.

The problem is the bag lenders do not like this way, so recent change require you own the property 6 month before you can do a refi.

When you buy such property not qualify conforming lans, be very careful. If you do not know much, work with a experienced agent that him self is a investor and has such experience.

If you as a borrower and the property qualify the conforming loans, any good agent can help you to get a loan in 2 to 3 days. We definilty know such lenders. You can ask me if your property is in TX or CA (I can refer a broker in CA). Not tricky, just a little higher rate due such lenders are not on "sale", still better than all retail banks like BOA or any name you tell.

I can arrange an appraisal in 4 hours. The main problem is you make sure seller selected title company has title document ready. A new title search may cost 3 to 5 business days.