Before submitting a formal application, you can usually go through a pre-approval or qualification process. This will give you an idea of how much you qualify for and enable the lender to do a certain amount of due diligence.
The loan application process is different for commercial real estate than for a traditional business loan. You can expect the lender to review your personal credit and business history, collateral, business plan (if required) and projections. During the loans underwriting process, a committee will generally review your application and project for a decision before issuing a term sheet. The term sheet will contain all the information about financing, fees, uses and interest rates. If everything is in order, the final details will go back to the underwriter for ultimate approval before documents are signed and loan funded.
