Fixed a bridge loan condition after 6 weeks of back and forth

I had to get a subordination agreement signed by a second lien holder in Ohio for a $340k bridge loan. Underwriter kept bouncing it back over wording on the release clause, and the other bank's legal team took 3 days to reply to every email. Took 6 full weeks and 14 versions of the doc before closing. Anyone else ever get stuck on a single loan condition that should have taken a week?

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johnson.jason22d ago

...and I thought I was the only one who got stuck in legal ping pong. 14 versions is brutal, I think my record was 9 on a simple estoppel letter and I nearly lost it. The worst part is when they change one word and then act like it's a brand new document, so you gotta read the whole thing again. Sounds like the other bank's legal team was billing by the hour and wanted to milk it, six weeks for a subordination agreement is just ridiculous.