As a commercial real estate lender, AVANA CUSO is no stranger to the loan underwriting process—a major step toward getting approved for a loan. AVANA CUSO is proud to say it has more than 20 years of experience producing efficient and accurate deliverables. This means that we’re a competitive and collaborative commercial real estate lender, who mitigates risk by executing thorough reviews and due diligence to conform to regulatory requirements.
As such, AVANA CUSO is often asked key questions about loan underwriting, including the following:
What Is Underwriting a Loan?
Underwriting a loan is one of the final steps of the loan approval process. During underwriting, the lender will verify various financial information, including income, assets, debt, credit score, credit history, tax returns, bank or credit card statements, property, pay stubs and additional documents. The underwriter will also assess the property you intend to buy and associated documents, such as appraisals or inspections. A commercial mortgage underwriter is a financial expert tasked with reviewing your finances and assessing the risk the lender will take on if they approve your loan. The underwriter typically works with you through your loan officer.
How Often Does an Underwriter Deny a Loan?
Whether or not your loan is denied in underwriting typically depends on your overall financial health and circumstances. Several major reasons your loan may be denied include:
What Are the Potential Loan Underwriting Process Outcomes?
The loan underwriting process can produce four possible outcomes.
How Long Does Loan Underwriting Take?
Business loan or commercial mortgage underwriting typically takes longer than home loan underwriting. The process can take as little as two to three weeks, but usually takes 30 days or more. Business or commercial real estate loan applicants should receive their final decision one month after submitting their application.
