What can realistically close by your date
| Lender type | What to consider |
|---|---|
| Private and bridge lenders | Acquisitions, renovation and lease-up where the repayment plan and closing deadline need close attention. |
| Banks and credit unions | Property cash flow, borrower relationships, guarantees and credit approval requirements. |
| Life companies | Stabilized assets, leverage and long-term ownership plans. |
| Agency lenders | Multifamily eligibility, operating history and required reports. |
| CMBS lenders | Property cash flow, reserves, loan structure and securitization requirements. |
| HUD lenders | Program eligibility and an application schedule that allows for agency review. |
Confirm the proposed closing schedule with the lender before relying on it. Credit approval, reports, title and loan documents can affect the date. Request a transaction-specific quote for pricing.
What makes a fast close possible
Speed comes from choosing a lender that can actually execute on the date, then running every workstream in parallel. Marshall underwrites the deal before a lender sees it, to identify financing concerns before requesting terms.
- Day 1-2: underwrite and targetSize the loan and pick the three to six lenders whose appetite and timing fit the deadline.
- Day 2-7: term sheetsParallel quotes against a short deadline, compared on proceeds, rate, recourse and certainty of close.
- Day 5-10: reports orderedAppraisal, Phase I, property condition, title and survey ordered the day terms are signed.
- Through closing: one checklistEvery open item with an owner and a date, reviewed before it reaches the lender.
Third-party report lead times
- Appraisal: 2-4 weeks. The longest pole on most deals; order it the day terms are signed.
- Phase I environmental: 2-3 weeks; longer if a Phase II is triggered.
- Property condition report: 2-3 weeks.
- Title and survey: 1-4 weeks; an existing ALTA survey can often be updated faster.
- Zoning report, insurance review, entity documents and estoppels: coordinate these reviews early where they can proceed at the same time.
What to send today
- Closing deadline and what is at stake if it slips (deposit, rate lock, maturity)
- Purchase agreement or current loan statement
- T-12 operating statement and current rent roll, or budget and business plan for transitional assets
- Schedule of real estate owned and a short sponsor bio
- Any appraisal, Phase I, survey or title work already in hand
Frequently asked questions
Can a commercial real estate loan close in 30 days?
Yes, with the right lender and a ready file. Debt funds and private bridge lenders routinely close in 21 to 45 days, and some private lenders in 10 to 21, when the appraisal, environmental, title and entity documents are ordered on day one. Banks, life companies, agency and CMBS usually need 45 to 75 days.
What slows a commercial loan closing down?
Closing delays can arise from missing financials, reports, title issues, entity documents, underwriting changes or a lender that is not a fit. Identify these issues early and keep a dated checklist of outstanding items.
Is a fast loan more expensive?
It can be. Compare the interest rate, fees, minimum interest and prepayment terms. If bridge financing is the first step, include the cost and requirements of refinancing it.
What should I send first?
The purchase agreement or current loan statement, the closing deadline, a T-12 and rent roll (or budget for transitional deals), the sponsor’s schedule of real estate owned, and any reports you already have.
Other deadlines we work against
Acquisition financing, arranged inside the diligence window.
Acquisition financing for commercial properties under contract: get lender term sheets before your deposit goes hard. Bridge, bank, agency, CMBS and life company loans, $1M–$200M.
Construction financing for shovel-ready projects.
Entitlements and permits in hand? Construction loans for shovel-ready multifamily, industrial, BTR and mixed-use projects: bank, debt fund and construction-to-perm, $1M–$200M.
When a lender steps back, the deal doesn’t have to.
Commercial lender pulled out or retraded before closing? Replacement bridge, debt fund and bank financing on a deadline, plus how to protect your deposit or maturity date.
Upcoming maturities, handled early.
Commercial real estate loan maturing in the next 12 months? Compare refinance, extension, bridge and recapitalization options, and see what your next loan will size to.