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Applying for a Loan Overview of the Loan Application Process The BGC Cornerstone Fund staff strives to approve new loans in a timely manner to ensure that your project deadlines are met. In order to begin reviewing your loan proposal, the Fund needs 3 items:
Once the staff’s questions and concerns (if any) about the project are satisfactorily addressed, the proposal is sent to our loan committee for final approval. Assuming the loan is approved; contingent items (title insurance, appraisal, etc…) will be ordered. Once the Fund has received these items a closing date can be set. At the time of closing, funds will be disbursed or construction clearance will be given. The total process (from receipt of all application materials through closing) generally takes 4-10 weeks. Stages in the Loan Application Process
The information above is a quick overview of the loan application process. For more detailed information, see: Important Facts You
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