Closing a commercial loan is a document exercise as much as a credit one. Most delays trace back to a missing third party report rather than a lender changing its mind. Start by checking current pricing on the interest rates page.
The three things that stall closings
Appraisal turn times, estoppel collection, and title exceptions account for the bulk of slipped closing dates. Industry timelines published by the Mortgage Bankers Association and appraisal guidance from the Appraisal Institute are useful benchmarks when you set borrower expectations.
A practical sequence
Order reports the day the term sheet is signed, not the day the loan committee approves. If you need to widen the lender set first, the lender directory is the fastest way to see who is quoting.
Frequently Asked Questions
Who pays for the appraisal?
The borrower almost always funds the appraisal deposit up front, and it is credited at closing.
Can a closing date be extended without repricing?
Usually once, for thirty days, if the delay is not borrower-caused. A second extension typically triggers a rate reset.
What is an estoppel certificate?
A signed tenant confirmation of lease terms, rent paid to date, and any landlord obligations outstanding.