What to do If a commercial lender gives me a “Conditional Approval” then fails to come through with the loan.?

Jun 22, 2009 in Commercial Mortgage FAQ

I have been approved for a large commercial loan and have ordered appraisals and title work which is very expensive. If they fail to follow through with the loan can I hold them liable for the costs incurred? I have supplied all paperwork requested and have no other issues preventing me from qualifying for the loan.

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2 comments

Rusty on June 22, 2009 at 7:03 pm

It sounds as if all the conditions for the approval were not met. A conditional approval is just what it says, not approved until all the conditions are met.
src50 on June 22, 2009 at 7:03 pm

CONDITIONAL approval. That gives them the out. Your assessment that there are no "issues" may not agree with theirs.

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