Commercial Loan Turnaround Times

[Irfan Raza]

BP,

I am curious to see what people are seeing related to turnaround times on commercial cash-out refinances for residential single-family or small multi-family.  I have seen as little as one month, but now am seeing significant delays and have heard of loans taking as long as 6 months to close! Any suggestions on getting loans to the closing table faster? I already provide a full package to the lender, which rarely requires additional information requests.  I also, ensure that the appraiser is in the property as soon as possible.  

[Robert Sepulveda]

You asked for "commercial" turn times for SFR and multifamily. Are you looking for blanket commercial loans? in that case, it's 60 to 90 days for those types.

If you simply looking for residential bank loans on SFR and small multifamily, then good banks will turn in 30 days. If it's a commercial multifamily loan, expect 45 to 60 days average.