What Happens After Approval?
Post-approval to closing process
What Happens After Approval?
Approval is just the beginning. Here's what happens between a term sheet and funded capital.
Reviewing Your Approval Letter
Your approval letter outlines the terms and conditions of the loan. Key things to review:
- Loan amount and interest rate
- Required conditions (documents still needed, inspections, etc.)
- Deadline for conditions
- Contingencies that could delay or void approval
Conditions and Contingencies
Almost every approval comes with conditions. Common ones:
- Updated financials (more recent than what you submitted)
- Title search and insurance
- Property appraisal
- Environmental reports
- Lease assignments or estoppels
- Personal guarantee signatures
Stay on top of these. Conditions not met by the deadline can void your approval.
Closing
Once conditions are cleared, you'll sign final documents. This happens in person or via notarized electronic signature.
Plan for 1-3 hours for closing, depending on complexity.
Funding
Funding typically occurs 1-5 business days after closing documents are signed and returned.
Your broker will notify you when funds land.
Tips for a Smooth Closing
- Respond to condition requests within 48 hours
- Keep your calendar open during the closing window
- Have your attorney or broker review anything you don't understand
- Don't make major financial changes (new loans, large purchases) until funded
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