10 Steps to Commercial Real Estate Funding
08 02 2016
- Lender reviews commercial property info for pre-approval.
- Lender issues Letter of Interest (LOI), which outlines loan terms and conditions.
- Borrower provides lender with signed LOI and good-faith deposit. Borrower has option to lock in the rate at this time.
- Loan processing stage - Files are assigned to loan processor and third party reports are ordered.
- Lender works with borrower(s) to complete loan application package.
- Underwriting reviews completed loan file and third party reports. Additional info may be requested by underwriting.
- Underwriting issues commitment letter.
- Borrower accepts final loan terms and preparation for loan documents begins.
- Borrower signs loan documents. Borrower may schedule a time to sign in escrow or use a notary public.
- Escrow, title company and loan closer work to schedule funds disbursement and loan recording.
Congratulations... your loan has funded.
If you are interested in finding out how commercial real estate can be used to earn 5% annual yields with shorter terms, contact Woodbridge Wealth today and ask about our First Position Commercial Mortgage product.
Return to News