question about bank loan committee
We are working on a deal for a commercial loan for a 20 unit property. This is the first time we have tried to buy something this big. Our loan officer and underwriter said they will be taking our deal to the loan committee next week and we should have an answer by the end of next week. I am (as always) biting my fingernails hoping the loan is approved and then it came to me... there are loan officers and underwriters on bigger pockets that might be able to shed some light on this mysterious (to me) process. When a loan officer goes to committee, how often does the committee shoot down the loan application? Does the loan officer take any semi-reasonable deal presented by a customer or do they screen heavily and only take those deals they think are good ones? Are they "graded" on how many deals they can get approved? Should I be encouraged that it is going to a committee or does this always happen?