How long to get a term sheet loan proposal?

Typically, SBA loans take us 1 to 2 days and conventional loans take 2 to 7 business days.

How long typically to get to funding?

Typically about 6 weeks after the term sheet is executed and we have the base documents needed for underwriting. If commercial property is a part of the loan it can add another couple of weeks.

How long to receive a Commitment Letter?

Typically the underwriting through approval process is about 3-4 weeks depending on the loan size and complexity. Smaller loan sizes usually will have just one or two approvers but loans $1 million and higher are committee approval loans, and bank committees usually meet only once or twice per week.

Primary steps to the loan process?

Initial consultation, document submission, term sheet proposal, underwriting, approval, closing, funding, and ongoing covenants.

Time-killers in the acquisition loan process?

• Borrower delays in providing needed information
• Life insurance underwriting, approval, assignment, and acknowledgment of assignment
• Commercial property appraisals, environmental and title work for property being utilized as collateral or being purchased
• Business valuations (conventional loan aide)
• Purchase Agreement and exhibits negotiation and completion