Initial Borrower Contact
Introduction of borrower
Review proposed project for SBA eligibility
Explain financing options available and discuss project structure
Archives: Timeline Events
A post type for your timeline events
Prequalification
Collect preliminary package from borrower Collect purchase contract/proposal and construction bid Review project for overall creditworthiness
Secure a Lender
Work with buyer’s existing lender or identify lender options Obtain a lender’s Letter of Intent (LOI) for financing
Underwriting/ File Preparation
Lender engages the Environmental Report Lender engages an Appraiser PLP obtains internal loan approval
SBA / Lender Conditional Approval
SBA approval, subject to appraisal and environmental reports Lender issues a final Commitment Letter
Satisfy Closing Conditions
SBA & Lender approval on loans, SBA & Lender clearance of Environmental, SBA & Lender clearance of Appraisal Value
Escrow Closes
Buyer comes in with down payment Bank funds one permanent loan and one interim loan Close SBA Loan (unless construction […]
Complete Construction/ Close SBA Loan
Complete construction draws with bank until fully funded Obtain Certificate of Occupancy (CO) or permit sign-off Obtain final lien waivers […]