Every bank moves at its own pace so it would likely take between 30-60 days from initial loan application. They will do a much more detailed underwriting than a traditional residential mortgage.
They will look at the rent roll, market study, valuation, building condition, appraisal, environmental assessment (if applicable), and most importantly to the Borrower's creditworthiness (ie. how financially strong & liquid are the loan guarantors). I'm guessing that your buying the property through a single asset LLC or LP, so most time will be spent on the Guarantors financial ability and your track record with other real estate assets to make sure that you will be able to repay the loan.... more