what is the typical time for a financing addendum for commercial? 21 days or longer

In Buying Property - Asked by laura d. - May 6, 2016
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Answer(s)

Matt M.
Broker/Agent
Los Angeles, CA

Hi Laura,
It can vary, but the answer is a minimum of 17 days, which is the period required for written submission to the seller for any lender required repairs. 21 days is a good interval to allow for that minimum and build in some buffer. That being said, the escrow period for commercial acquisitions that involve SBA loans in California usually a lot 90 to 120 days as well as an increased deposit amount. In Texas, where you're located, seller's usually expect as little as 1%, but can request more if the buyer is utilizing secondary financing. In California, where I am located, 10% deposits are typical and financing periods vary based on the loan amount.

May 9, 2016
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Steven H.
Owner/Investor
Boca Raton, FL

My experience, typically 45 days.

May 10, 2016
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Francis L.
Broker/Agent
Santa Clarita, CA

I try not to go under 35 days, sometime I go in the 45-50 day range. It depends on the level of complexity of the transaction and the clients that I'm working with at the time.
Francis Lennarz,
RE/MAX of Santa Clarita Commercial,
CELL: 6614064692,
EMAIL: lennarzrealestate@gmail.com ,

May 11, 2016
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Chris R.
Broker/Agent
Denton, TX

generally 45 - 60 days depending on the deal, $ amount, complexity, credit worthiness of the buyer, etc.

Jun 1, 2016
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