- Sage begins its underwriting and due diligence process. This includes ordering a credit report, appraisal, title work, environmental studies as necessary, insurance, and other information as required. This phase typically takes 5 to 10 business days provided the requested information is delivered in a timely manner. If there are no issues, we’ll move forward in the loan approval process.
- The loan writeup, title commitment, and additional information as necessary are forwarded to Sage’s legal counsel for review. If legal counsel is satisfied with the legal aspect of the proposed financing, the loan is approved, and legal counsel will prepare the loan documents. This phase takes 2 to 4 business days.
- After loan approval and while legal counsel is preparing the loan documents, both you and the title company will be contacted to coordinate a closing date and time.
So typically, it takes 7 to 15 business days to close once we have met with you at the collateral property and decide to move forward with the underwriting and due diligence phase. Generally, we are able to close with only a verbal on the appraisal with the report to follow after closing. Same for an environmental report if required on certain commercial properties.