Loan is submitted to bank's underwriting. Depending on the lender there may be a backlog of loans and the bank analyst may take days or a week before they start on your loan full effort. The steps and remaining documents which will be needed to close your loan is being organized and working on these items in advance makes a big difference in total timing of process.

Weeks 2-3

This is the about 2-3 week period it takes bank analyst to fully underwrite the loan but this is because of they're always working on multiple loans at once and may have a handful right now. There also may be back-and-forth with analyst questions which can add days to the process. However, for conventional loans this can be slightly shorter period down to a week.

Weeks 3-5

This is the typical period of time range when the loan is formally approved by the bank approver or by committee. A verbal approval is quickly followed by a commitment letter. This means the bank is ready to fund the loan once all closing items are completed.

Weeks 4-6

Any remaining closing items are collected. Typically once all checklist items are completed the bank's loan closer will sign off on it and the loan docs are generated.

Weeks 6-8

The loan and security agreement is executed, funds are wired to seller directly or to escrow. Any buyer working capital is wired to the borrower.

CONSULTING

We provide independent lending advice we think is in the best interest of the independent advisors we serve. Our consulting is laid back, unbiased, and candid. We’ll give you an immediate sense of the viability of your loan request, discuss any workarounds or red flags, and try to make sure this loan is in alignment with any strategic or future financing you may be anticipating. And of course, we’ll answer your questions and get into the weeds on anything you’re really concerned about.

NAVIGATION

You may being doing this for the first time but this is all we do. We make everything easier and gives you more time to spend with your clients. We let you know what we need from you and run the process from there. Our skill-set in this area is especially appreciated by our advisors with closing deadlines it would be a tragedy not to make because the financing got held up.

SUPPORT

We provide on-going support to advisors after the loan closes. We’re available to assist with questions about the annual covenants required, prepayments, help with any support issues with the bank, and of course future loans and loan refinancing. We support you the advisor not the bank. We look at banks kind of like you look at money managers, we love them when performing well but will move our clients (you) to a different option if not.

Loan Process Typical Timelines

Loan Package

Week 1