Please find below a time line of what you should expect when buying or refinancing a commercial property. As with any loan process the estimated dates could be varied slightly based on unforeseen circumstances. Beech Commercial Capital promises to work with you to deliver the best product for your situation. Also, please keep in mind that the 60 day commercial loan process begins once the necessary documents are received. Also, we will prepare a Good Faith Estimate for you, but this is just an estimate. During your commercial transactions you may incur additional costs that were not expected while starting this process. Additional costs may also occur for loans requiring a quicker closing time than normally performed.
Commercial Loan Timeline
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Initial Contact and Conversation
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Day 0
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Collection of Necessary Documents
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Day 1-3
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Submission of Loan to Lenders
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Week 1
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Receive Letter of Intent (LOI) from Lenders
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Week 2-3
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Collect Check and signed LOI from Customer
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Week 3
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Order Appraisal
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Week 4
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Sign necessary loan processing documents
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Week 4
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Appraiser to visit subject property
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Week 5
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Appraisal report returned to Lender
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Week 6-7
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Final underwriting and doc preparation
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Week 7
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Legal work ordered and completed
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Week 7
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Order Insurance and collect insurance binder
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Week 7
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Final commitment from Lender
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Week 8
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Closing
|
Week 8 *
|
| Initial Contact and Conversation | Day 0 |
| Collection of Necessary Documents | Day 1-Day 3 |
| Submission of Loan to Lenders | Week 1 |
| Receive Letter of Intent (LOI/Term Sheet) from Lender | Week 2 -Week 3 |
| Collect Check for Deposit with signed LOI from customer | Week 3 |
| Lender orders Appraisal | Week 4 |
| Sign necessary loan processing documents | Week 4 |
| Appraiser to visit subject property | Week 5- Week 6 |
| Appraisal Report returned to Lender | Week 6- Week 8 |
| Final Underwriting and document preparation | Week 7- Week 8 |
| Legal work ordered and completed | Week 7- Week 8 |
| Order property insurance and collect insurance binder | Week 7- Week 8 |
| Final Commitment letter from Lender | Week 8 |
| Closing | Week 8 * |
| * Commercial Closings estimated to close in 60-90 days | |
| * Multi Family properties often close within 45-60 days |
