From signed term sheet to closing : bridge 30 to 60 days. Bank permanent 45 to 75 days. Agency multifamily 60 to 120 days. CMBS 60 to 90 days. Life co 75 to 120 days. HUD 6 to 9 months. Construction 60 to 120 days. Add 1 to 4 weeks before term sheet for a complete parallel process.
What controls the timeline?
Third-party reports (appraisal, environmental, engineering, zoning), typically 3 to 5 weeks for a routine deal. Lender legal review and document drafting, 2 to 4 weeks. Title and survey, 2 to 4 weeks. Insurance, should be in process from term sheet day.
Borrower responsiveness on diligence requests is usually the biggest variable. Deals that miss timelines almost always do so because the borrower took 3 weeks to deliver an updated rent roll or signed estoppels.
How can I speed it up?
Pre-order third-party reports in week 1 of term sheet. Get borrower-side legal aligned and engaged before the loan documents arrive. Have insurance, title, and operating diligence packaged before they're requested. For agency deals, plan to deliver the lender's diligence checklist completely on day 1 rather than rolling.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1