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Business Loan Approval vs. Business Loan Pre-Approval: Deciphering the Differences

Updated: 3 days ago

As a first-time commercial tenant, both documents play a critical role in the commercial tenant application process, but they serve different purposes and come at different stages of your business journey.

Business Loan Pre-Approval Letter

What is it? A business loan pre-approval letter is a preliminary document issued by a lender indicating that you are likely to qualify for a loan up to a certain amount, based on an initial assessment of your financial situation. This is not a guarantee of a loan, but rather an indication that you meet the lender’s basic criteria.

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