This blog will let you know the general processes of commercial Loan. These loan processes can help you map out your time and money. People get frustrated and irritated, when they don’t have an idea about the entire process of getting loan from lenders. Below is the step-by-step basic overview of loan process:
- First, submit the loan application to lender
- After going through your loan request, the lender will ask for some information like credit report, income and existing debts
- Once you provide the asked information, a loan officer will review your credit report, amount of available collateral and income
- After a review, lender will decide if any other information is required like financial statement, property report you owning, etc.
- Preliminary environmental reports, title reports, area maps, lease summaries, and property appraisals may also be asked by lender
- Once the above mentioned formalities are done, your loan package will be submitted to decision makers. After a decision, the processor will present you a letter of intent or term sheet
- In this step you will be asked to choose a most attractive loan offer. After signing the letter of intent, you have to return it along with a Cheque, if required. After receiving letter, the lender will issue a final full loan commitment
- If your loan is approved, you will receive closing documents
- After the closing process, the lender funds the loan with a draft/cashier’s cheque, or electronic wire transfer
Above are some basic processes of getting loan from lender whether you apply for commercial property loan, business loan, or buy commercial land. Loan can be applied either by yourself or through property dealers in Delhi, India, America, Australia, or anywhere.
