A typical CRE loan process runs 60 to 90 days from market launch to closing . Roughly 2 weeks of marketing and lender outreach, 1 week of term-sheet evaluation and selection, 4 to 8 weeks of underwriting , third-party reports , legal documentation, and closing. Bridge debt closes faster (30 to 45 days). Construction takes longer (90 to 120 days).
What happens in the first two weeks?
Offering memorandum prepared and sent to a curated lender list (typically 8 to 20 lenders depending on deal size). Lender Q&A and initial property questions answered. Lenders bid by issuing term sheets typically 2 to 3 weeks after the OM goes out. The borrower selects a lender and signs a term sheet to start closing diligence.
What happens during underwriting?
Lender orders third-party reports (appraisal, environmental, engineering, zoning, survey). Borrower delivers an extensive document checklist (rent roll, T-12, leases, insurance, prior operating statements, sponsor financials, entity documents). Lender's underwriting team builds the credit memo and submits to credit committee.
What slows things down?
Phase II environmental reports if a Phase I flags a recognized environmental condition; survey delays in jurisdictions with slow surveyor pipelines; tenant estoppel collection on multi-tenant retail or office; title curative issues uncovered late; and credit committee schedule constraints. A skilled advisor anticipates each of these.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1
- Multifamily Market Commentary · Fannie Mae Economic & Strategic Research · 2026-Q1