How Long Does It Take to Get a Commercial Loan?

More business owners ask how long it takes to get a commercial loan than anything else. Do me and your lenders a favor and ask earlier. It seems that most businesses do not plan ahead for loans they need. Typically a business loan request comes when the owner is losing money, must refinance an existing loan that is due, or found a great deal that they just can not pass up. It is very difficult to get loans under these circumstances and constraints. Planning ahead will give us all the time we need to gather the right documents and answer all the questions.

If you are pursuing a conventional loan or line of credit and no professional appraisals or evaluations are needed, you could close in about 3 weeks. This may be longer if any of the following apply.

  • Plan on an additional 20-30 days if you need an SBA or USDA guarantee.
  • Professional appraisals can take up to 30 days to complete.
  • The evaluations usually take 2-3 weeks.

A good rule of thumb is to plan on 45-60 days from the time you submit a complete loan package to your lender. The process could be longer or shorter depending on how quickly you provide additional documents requested and other contingencies that could arise.

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