The master list of every document and condition a commercial loan must satisfy before funding, with an owner and a status on each line.
The longer version
The closing checklist is drafted from the commitment letter, usually by lender counsel, and becomes the working surface of the closing. Loan documents, third-party reports, title items, and borrower deliverables each get a line, a responsible party, and a status.
The list is also the record. At funding, the closed items become the index for the closing binder, and the activity behind them becomes the audit trail.
In Prodeal
Prodeal’s live checklist is color-coded by responsibility, with open, in-progress, and closed items visible to every party at a glance. Due dates sit on line items and reminders route to whoever owes the document.
Common questions
- What goes on a commercial loan closing checklist?
- Every document and condition the loan requires before funding: loan documents, title and survey, third-party reports, insurance, organizational documents, opinions, payoffs and any lender-specific conditions, each with an owner and a status.
- Who owns the closing checklist?
- The lender's closer or counsel usually maintains it, but every party works items on it. The checklist only works when items owed by the borrower, title company and counsel are tracked on the same list as the lender's own.
- Why do closing checklists go out of date?
- Because they live in a spreadsheet that one person updates from email. Status changes in inboxes faster than the sheet does, and the version circulated on Monday is wrong by Wednesday.