You submit your application through our online form. Our team reviews the submission and issues a preliminary soft quote outlining potential loan terms.
Typical timeline:
24 hours
You’ll receive:
a soft quote outlining preliminary loan terms and required documents for the next stage. This is not a commitment to lend—it's our initial assessment to help you understand what financing might look like
Starter package:
last year’s tax return/financials + trailing 12-month statements
We review all submitted documents, confirm loan structure and terms, and prepare a prescreen analysis to ensure the deal meets our lending criteria.
Typical timeline:
~2 business days after receiving all necessary documents
Key deal details to confirm fit:
overview + borrower/property financials (as applicable)
Once prescreen is complete, we prepare a LOI outlining proposed loan terms, including rate, term, loan amount, fees, and conditions.
Typical timeline:
Issued after successful prescreen
What this means:
The LOI is our formal loan proposal. Signing it and submitting the Good Faith Deposit moves the loan into underwriting. This is still not a final commitment to lend—that comes after underwriting and approval
Our Credit team conducts detailed analysis of the property, financials, and loan structure. This includes ordering third-party reports (appraisal, environmental studies, engineering assessments if needed) and preparing a comprehensive Credit Approval Memo (CAM).
Typical timeline if waiting:
4–5 weeks if waiting on appraisal and third-party reports
Typical timeline if all documents are ready:
~1 week
Additional documents (as needed):
third-party reports, entity/ownership docs, and property condition items
The Credit Approval Memo is reviewed and approved by AVANA's Chief Credit Officer. For certain loans involving participation partners or credit unions, their approval is also obtained.
Internal typical timeline:
~2 business days
If participation or credit union approval needed:
add ~2 weeks
What you'll receive:
Official approval notification and next steps for closing
Legal counsel prepares loan documents, escrow is opened, wire instructions are coordinated, and loan funds are released.
Typical timeline:
~1 week after approval
May be requested for closing:
final insurance, payoff details (refinances), and required entity documentation
The loan is now active. Regular payments are made, and AVANA handles ongoing loan administration.
Ongoing activities:
general loan servicing support, payment processing, annual financial reporting requirements
Whether you're applying directly or submitting a deal as a broker, these steps can significantly reduce your timeline and help us move quickly through underwriting
Prepare Documentation Upfront
Gather key documents early: financials, tax returns, rent roll/operating statements, and property/deal details to reduce follow-ups
Respond Quickly to Requests
Check for messages from your Relationship Manager and respond within 24–48 hours. Keep one primary point of contact
Be Proactive About Potential Issues
Share potential concerns early (title/liens, zoning, environmental, compliance) and flag any deal changes right away. Add a brief note if financials are unusual
Set Realistic Expectations
Typical timelines are 6–10 weeks, but vary by deal and document readiness. Third-party reports often take the longest. Plan accordingly
Find answers to common questions
A soft quote is our initial assessment of potential loan terms based on the application information. It’s not a commitment to lend—that comes after underwriting and formal approval. Think of it as a preliminary proposal to help you understand what financing might look like.
Most loans close in 6–10 weeks, but timing varies based on deal complexity, document readiness, and third-party report turnaround times. If all documents are prepared in advance and reports come back quickly, we can move faster. Loans requiring participation or credit union approval may take longer. Your Relationship Manager will provide a more specific timeline for your particular deal.
Our team will send a customized document checklist after reviewing your application, but common requirements include:
For broker submissions: Offering memo and client financial statements .
Learn more about the possible required documents list.
Appraisers and environmental consultants operate on their own schedules and need property access to complete their work. Appraisals typically take 2–4 weeks, and environmental reports can take 1–3 weeks. Ordering these reports early in the process and ensuring quick property access can help speed things up.
Our Credit team conducts an in-depth analysis of the property, borrower financials, and loan structure. We order third-party reports (appraisal, environmental assessment, engineering studies if needed), analyze cash flow and collateral value, and prepare a detailed Credit Approval Memo. This is the most thorough stage and typically takes 4–5 weeks, though it can be faster if all documents and third-party reports are ready quickly.
Some loans involve participation partners or credit unions, which means an additional approval step after AVANA’s internal approval. This typically adds about 2 weeks to the timeline. Our team will let you know early in the process if this applies to your loan.
Your Business Development Officer (BDO) is your main contact from application through funding. Even when our Credit team is handling underwriting, your BDO keeps you informed and answers questions. After the loan funds, our Servicing team becomes your primary contact for ongoing loan administration.
