Issue Loan Advance

Overview of IL412

There are some borrowers who prefer to have portions of a committed loan amount advanced incrementally, rather than receiving the loan as a lump sum. Loan advances increase the overall principal balance due on the loan, and closing fees are collected as loan advances are issued. Loan advances cannot be made above and beyond the committed amount of the loan, and the allowable advance amount is calculated based on committed amount less any previously advanced funds. In addition, loan advancements cannot be made once the commitment expiration date has passed.