Timelines & Process:

How long does it typically take to get a term sheet proposal?

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

How long does the lending process through funding typically take?

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 does it take for me 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.

I’m in a rush, what is the fastest I could get an acquisition loan funded?

While the fastest we have closed a loan is 3 weeks, a 4-5 week period would be considered lightning fast and not typical for most all conventional and SBA loans, but, in some cases doable because of the circumstances of the deal. In these cases the stars must be aligned and Murphy's law not applied.

What are the primary steps to the loan process?

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

What are the biggest 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
• Purchase Agreement and exhibits negotiation and completion