How long does a commercial mortgage or bridge loan typically take to close?
Timelines vary by loan type and complexity, but bridge loans can often close in a matter of weeks when documentation is ready, while conventional commercial mortgages usually take longer due to more extensive underwriting.
What documents should I have ready before starting the process?
Generally: recent financial statements, tax returns, a rent roll or lease documentation if the property is income-producing, and a clear summary of the property's current condition and intended use.
Do I need a real estate attorney in addition to a mortgage advisor?
Yes. An advisor helps structure and source financing; an attorney handles the legal review of contracts and closing documents. The two roles work together, not in place of each other.
What's the difference between working with a broker versus going directly to a bank?
A broker can present your deal to multiple lenders and match the financing structure to your specific situation, rather than being limited to one institution's products and risk appetite.
What happens if my credit or financials don't fit a traditional lender's box?
This is often where bridge financing or alternative lending sources come in — there are more options available than a single bank's standard criteria might suggest.
How involved should I be in the underwriting process?
More involvement, not less, generally leads to a smoother close. Being responsive to document requests and proactive about flagging potential issues early prevents delays later.