One of the most misunderstood aspects about commercial loans is how long they take to arrange. There are some types of commercial loans which can be obtained in just a few days while other business loans are likely to take up to 60 days or more. The primary example of commercial loans that are likely to take the longest to arrange is a commercial real estate loan. Even with the quickest variation of a commercial mortgage, business owners should expect this to take 45 to 60 days (up to nine months is a possibility with some traditional banks for certain commercial mortgages).
I've had real incentive to consider this week's topic: How permits affect commercial loan underwriting. Those of you in the business for a while have undoubtedly come across an apartment project, office, or retail project with "un-permitted" additions. To be clear, "un-permitted" work on a property is work that was done without the local city building and safety department knowing about it. Even though it may have been done to the latest code, it was done without the local authority's blessing.
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