NEDCO 504 Show Podcast

The Basics of Loan Closing: Part 1

May 7, 2021


Todd Mulliner and Jennifer Fowler joined Scott to walk you through what happens once the creditors have received and approved your loan application! The closing process begins with creating a road map for the banks and borrowers in the form of a closing conditions letter, which describes the conditions the borrowers need to meet before they get the loan. Once the letter is created, the loan officer will meet with lenders (and sometimes borrowers) to determine what needs to be done and when each document needs to be submitted.

Todd and Jennifer shared the various steps of the risk assessment process, which often begins with an environmental questionnaire and an RSRA report, and how you can help make this process more efficient and cost-effective. Our loan officers also shared key insights into what makes project costs eligible or ineligible, what assets can be used in a proof of equity injection, and provide suggestions for businesses that are currently in the closing pipeline.