How to use Light Stream loan

[MasonDuo]

Hi All, I’m hoping someone can help me with this. We are financing our DVC purchase (will be paying it off quickly so don’t worry, not losing the DVC savings with interest). We are using Light Stream and have the approval. I saw that they state the approval is good for 1 month. We all know that we won’t be closing that quickly. For anyone that used light stream, how did you time this or work this process? Our contract is just being sent for ROFR so we are at the very beginning of the process timeline wise. I’m just concerned we’d fund the loan and then Disney will take it in ROFR.

 

[Spinster Travel]

Don’t fund until you have the closing documents. I requested funding as soon as I knew the title company was working on my documents. I was able to pick a funding date about a week out and then sent the funds along with my closing documents. lightstream works very fast! Easy to pay off early too!

 

[MasonDuo]

Don’t fund until you have the closing documents. I requested funding as soon as I knew the title company was working on my documents. I was able to pick a funding date about a week out and then sent the funds along with my closing documents. lightstream works very fast! Easy to pay off early too!

So you don’t need to find within one month? I guess I just got confused by their timeframe listed in the email

 

[fixerupper]

I'm trying to remember how I did it. I don't think I applied til I knew we had passed ROFR. I had the money deposited to me and got a cashier's check to send to the title company. I think I did a three year loan, but we will have it paid at 12 months at the latest.

 

[striker1064]

You have only 1 month to take the funds, otherwise the loan expires and you must re-apply all over again. With the timelines DVC has been taking with ROFR, you will very likely be pulling the funds and starting the loan before you know if you got the contract.

 

[Ginamarie]

I’m having the same problem with my loan from a local bank. We were supposed to take the money within a week. My contract DID get taken with ROFR. They let us cancel the application and said we could reapply within 30 days without having to do another credit pull.

So now we are waiting on ROFR for a second contract and hoping we hear something before my 30 days run out. It could go either way, especially since it’s Thanksgiving week now. I guess it’s not the end of the world if we have to reapply- it just means our credit takes another hit.

 

[Sandisw]

We used them last year as a bridge between buying RIV and selling BWV. Pulled at the last minute as we spaced out the RIV purchase.

In your case, I’d do the same. The good news is that ROFR seems to be coming in about 2 weeks.

Once you know you have passed, then I’d have it deposited to you on the last date.

I would then wait until the sellers returns closing documents to send in for payment. Hopefully, it won’t be long between when the month ends to take the loan and closing.