Speed of Closing. Conventional mortgages usually take between 45 days and 90 days to fund, since institutional lenders need to obtain an appraisal of the property's value, perform a detailed examination of the borrower's credit history, and thoroughly evaluate the borrower's current financial status. On the other hand, private mortgage lenders usually can complete a transaction within seven to 10 days. Since the property itself is the main criteria used to determine loan eligibility, less information on the borrower is required, resulting in a much quicker approval process. The private mortgage lender is protected by lending at a significantly lower LTV ratio: 65 percent vs. 80 percent to 90 percent for institutional lenders. Further, the private mortgage lender can make a decision within 24 hours of receiving information, whereas institutional mortgage money must be approved by a loan committee that may meet only twice a mont