Ask the Lender – How long will it take to find out if I’m approved for a commercial loan?

Rick Beverly, SVP/Findlay City President and Commercial Lender

Rick Beverly, SVP/Findlay City President and Commercial Lender

This is a great question! Being a locally owned privately held community bank we have an advantage over some of our larger competitors with local decision-making on our loans. We always want to get an answer back to our clients as soon as we can and we have a loan committee that meets weekly. The time frame will vary based on what is being used as collateral and the size of the transaction.

If you are purchasing a piece of equipment for $100,000 it may only take a couple days to get the loan closed and have the check in-hand. But let’s say you are purchasing a parcel of commercial or agricultural land and the loan amount is $1 million. This loan may take a while longer because of a few extra steps we will need to take due to regulatory requirements such as a new appraisal and title (search) opinion on the property. Through this process it may take an average of three to five weeks to close, depending on how quick we get these items completed.

The other factor that will determine Citizens’ turnaround time is if we already have your current financial information, such as tax returns and financial statements, or if we need to collect this information from you. If we have this information on file, we can get the loan application started right away, which will speed up the underwriting and closing process. If we do not already have this information, then it will depend on how quickly it can be provided to us. We will work the quickest we can to meet your specific time frames. Our clients are very important to us!

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