Commercial Loan Processing: Closing

Documentation: This stage can be really quick. Most lenders can turn loan documents around in a 24 hr period. You should always take time to review your loan docs and make sure they match the commitment letter issued. Mistakes are much harder to get corrected after the loan funds and can be costly to you. In some cases where special exceptions are made for your loan, lenders will hire attorney’s to prepare the documents. This can take several weeks depending on the complexity of the note. You may want to have your own legal council review these documents for accuracy.

Booking: The final stage in the commercial loan processing is booking. You have made it. This happens when you return the signed documentation to the lender. The lender will review and image the documents. They will typically fund your loan the same day they get the signed or executed documents back. It is best to turn in your documents in the morning to ensure timely funding. Wire cut off times, holidays, or other circumstances may delay your booking and funding a day or two.

Related Posts

Comments are closed.

business loan clients