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Understanding the commercial mortgage loan application process is important in order to anticipate the time, expense and major milestones involved in obtaining a permanent mortgage for your commercial property.

The process can be broken down into five stages: preliminary, application, commitment, due diligence and closing. Typically, it will take a total of approximately 60 to 90 days to go through all five stages. Commercial Loan Application

First Step

With any commercial mortgage loan application you will be asked to provide information about the location, a site plan, your rent roll, operating expenses and your background and financial information.

In order to get the best selection of potential lenders, the best place to submitt a commercial mortgage loan application is online. In turn, you will receive several offers for your loan that will include a detailed explanation of the estimated expenses associated with the Commercial Loan Application. Read each proposal carefully to determine which one will suit you best.

Once you have selected a lender, will Keep in mind that different lenders prefer certain types of property and your broker will know which is best suited to your property, loan size and loan structure. By indicating as specifically as possible, the desired loan amount, and loan term and amortization schedule, you will help your broker focus on those lenders offering the best terms for your needs.

Be aware that it would not be typical for a lender to require a processing fee from the borrower at this stage in the review process. Usually it will take one to two weeks for your mortgage broker to receive a detailed response from the lender that has reviewed your loan file. The response from the lender will typically take the form of an "application letter" that outlines all the basic loan terms.

Sometimes, the "application letter" will offer terms that are different than those you requested. In such cases you will have to evaluate the options available with the input from your mortgage broker.

The Commercial Mortgage Loan Application

Depending on the lender, the commercial mortgage loan application will be issued on a form supplied by the lender. This application specifically will address the terms outlined in the loan proposals and many of the items that will be required to complete the process.

In addition to the basic loan terms, some items that you will find:

Indication as to when the interest rate is locked: upon application, commitment or a date closer to closing

The due diligence items that will be required

The date by which the loan will be funded.

Typically, the borrower will be required to deposit one percent of the loan amount with the lender at the time the application is submitted. This deposit is normally refundable if the lender fails to issue a loan commitment on the same terms contained in the loan application or when the loan is funded.

The lender probably will ask for additional information about the property and the borrower's financial background, ownership structure and references. The initial investment offering then is expanded into a full valuation of the property, including market rent, sale and land comparables. The lender will also run a complete credit check on the borrower and key partners/owners.

You will not be required to provide expensive due diligence reports like appraisals, environmental or structural reports until the lender has issued the binding loan commitment.

Upon execution of the loan application, it will take between two to four weeks to obtain the binding loan commitment from the lender. Loan Application

Construction Draw Schedule

Loan Assumption Agreement

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