The Commercial Loan Process Explained

The Commercial Loan Process: Step by Step

Commercial loans move through distinct stages. Understanding what's happening at each phase helps you know what to expect — and what you can control.

Stage 1: Application & Intake

Your broker collects your business and financial information and enters it into the platform. You'll receive an email confirmation with your deal reference number.

Your role: Respond quickly to document requests. Faster documents = faster submission.

Stage 2: Document Review

Your broker reviews your file for completeness and accuracy. They may ask follow-up questions or additional documentation.

Your role: Answer questions promptly. Provide clarification and additional docs within 24-48 hours.

Stage 3: Lender Submission

Once your file is complete, your broker submits it to matched lenders. Most submissions happen within 24-48 hours of a complete file.

Your role: Nothing — your broker is working. You'll be notified when lenders respond.

Stage 4: Lender Underwriting

Lenders review your file. They may request additional documents or ask questions. This stage typically takes 5-14 days.

Your role: Be available for follow-up questions. Lenders move faster when they get quick responses.

Stage 5: Approval & Terms

Your lender presents a term sheet with rates and conditions. You review and decide.

Your role: Ask questions if anything is unclear. Take time to review before signing.

Stage 6: Closing & Funding

Final documents are prepared, signed, and funded.

Your role: Coordinate with your broker to sign final documents. Funding typically occurs within 1-5 days of closing. Track your deal status anytime in your portal dashboard.