Week 1-2: packaging and lender selection
We package your budget, plans, permits status, sponsor financials and exit strategy, then match the deal to lenders whose current appetite fits your asset type, geography and leverage needs.
Week 2-4: term sheets and lender selection
Interested lenders issue term sheets. You compare rate, leverage, fees and conditions, then select and (often) pay a deposit to begin formal underwriting.
Week 4-8: underwriting and third-party reports
The lender orders appraisal, title, survey, and sometimes a feasibility or cost-review report. This is the stage most likely to surface conditions that need to be cleared before closing.
- Appraisal (as-is and as-complete)
- Title commitment and survey
- Cost/budget review by a third-party consultant
- Insurance review (builder's risk, liability)
Week 8-10: closing
Once conditions clear, loan documents are drawn, reviewed by your counsel, and signed. Funding for the initial draw (often land payoff or a first construction draw) follows shortly after.
What speeds this up
A complete, organized file at submission is the single biggest lever you control. Deals with permits in hand, a signed GC contract, and clean entity documents routinely close faster than the ranges above.