Business Loan Appraisal Availability

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Question:

I am commercial loan broker, I have applied my client for an SBA 7a Loan, and we are near closing. The appraisal report is done, but the banker with whom I communicate, said to me that the appraisal is only available after closing. Aren't they allowed to send it, or he is doing it on purpose so we don't go with another lender?

Answer:

If the loan is secured by a 1-4 family dwelling they have to provide the appraisal to the applicant upon completion of the report but no later than 3 business days before closing or if a waiver was involved the day of closing. However they are under no obligation to provide a copy to anyone other than the applicant and if not secured by a 1-4 family dwelling the above delivery requirements are not applicable.