When Your Small Commercial Loan Is In Underwriting...
Would You Prefer To Wait 6 Months Or 2 Weeks?
How To Ensure Your Commercial Loan Gets Through Underwritting In 2 Weeks or Less
The underwriting of a small commercial loan is a critical phase. It's where all of the pieces of the puzzle come together and make the complete picture.
If one piece of the puzzle is missing, the picture can be distorted.
That's why you must submit all requested documents to the lender before you can make it to this phase. It's at this phase that the lender will review each and every single detail of your deal. Here’s…
Your Question
What is my role as the borrower during underwriting?
What else can be done to decrease how long underwriting takes?
Real Answer
What is my role as the borrower during underwriting?
The lender will review everything that you've submitted from the beginning of application to the end of processing.
If anything causes them to question the deal, they may request some final conditions and documents from you.
At this phase everyone's anticipation is high.
- The borrower(s)
- The broker(s)
- The loan officer(s)
- The real estate agent(s)
- The attorney(s) and even
- The lender themselves
The intense pressure has mounted and everyone is anxious for the deal to close.
It's here where borrowers and their loan professionals alike have allowed their high stress to cause them to lose the deal altogether!
How?
Well, some may try to rush the lender at this point.
It’s important to remember that it has taken weeks (possibly even months) to gather all of the documents requested by the lender on your small commercial loan.
Expect that it will take the lender more than a few hours to review and underwrite the entire file.
Not only that but, it's likely that they have more than one loan on the underwriter’s desk and your’s isn’t at the top of the stack.
Rushing the lender only causes these risk averse folks to fear that something may be wrong with deal.
Also, a pushy broker or borrower can be a complete turnoff to the lender. Potentially causing them to put your deal at the bottom of the stack, at best. Of course that would only lengthen your turn-around time. At worst, they might actually turn you down altogether just because they don't like how you dealt with them.
So the best advice we can give you is to be patient during small commercial loan underwriting.
And be certain to work with a commercial loan specialist who understands the needs of the lender.
At Guide-to-Business-Loans.com, we have relationships with all types of lenders because we understand their needs as well.
Why not take advantage of our established relationships and bypass many of the headaches and unnecessary life lessons learned by others just before they make it to the closing table.
Just pick up the phone and give us a call at (800) 778-5361 anytime 24 hours 7 days a week.
Be sure to request our free Pre-Application Consultation Program.
Before you do though, here is another important thing you should know about why underwriting a small commercial loan can take so long.
What else can be done to decrease how long underwriting takes?
Did you know that the way the firm you use to process your deal can dramatically affect the turn-around time of your deal?
Here's why. Most companies have a linear process instead of a continuum like we do at Guide-to-Business-Loans.com
For example, many banks will wait until you submit all requested docs before they order the appraisal. Then, they'll wait until the appraisal comes in before they order the Title and on and on.
This model is one of the main reasons a small commercial loan can take the dreaded 6 months just to get to closing.
It just doesn't make any sense to us so we use the same simple common sense process that is the standard in most residential deals. That is, we order all of the 3rd party reports needed as soon as a pre-approval letter or letter of intent is signed by the borrower.
Here's a visual of how our system surpasses the norm:
The Norm:
Phase 1, Step 1, Step 2, Step 3. Phase 2, Step 1, Step 2, Step 3. Phase 3, Step 1, Step 2, Step 3 and on and on.
Guide-to-Business-Loans.com
Step 1 - Step 2 - Step 3!
In essence, you can dramatically decrease how long it takes to underwrite your commercial loan by simply
Even if you chose to work with another firm, be certain to find out if they process your loan in a linear or in the preferred continuum format.
Now would be a good time to, listen to our BONUS recorded message. It will answer this question…
BONUS RECORDING - How can I take advantage of your already established relationships with traditional and private lenders?
Ultimately, if you give lenders the time and respect that they desire and you’ll soon find yourself at the closing table.
Why don't we meet over at the closing table right now.
(630) 755-6979
If you would like to learn...
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- Waiting 6 months to close
- Loosing $1,500 or more in non-refundable fees
- And without the increasing chance of rejection
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