Approval
Process |
48
- 72 hour written pre-approval streamlined approach |
Loan
committees that
can take weeks or months
|
Average
Closing Time
|
30
- 45 days
|
60
- 90 days |
New Survey Requirements
|
None
|
Required |
Appraisals
|
Limited
appraisals and
competitive network to reduce
cost and time frames
|
Full
appraisal required |
Doc Preparation
|
In-house attorneys
|
Outside
law firms |
Environmental |
Low cost environmental
insurance policy
|
Phase
1 Environmental
Study required |
Documentation
Requirements |
Residential
style underwriting
means a streamlined process
and familiar documentation
|
Full
commercial underwriting
process includes extensive
documentation requirements |
Balloons
|
None
|
Yes,
which means added costs
to refinance when note is due |
Assumability |
Assumable
at no cost
|
Non -assumable or
usually a fee required |
Ongoing
Financial
Reporting Requirements
|
None
|
Financial reporting and
financial covenants required |
