What are some things that delay the closing process?
Obtaining land surveys and dealing with a pre-existing lien holder(s) can be time-consuming. Because the HBCU Capital Financing Program does not require a school to get an appraisal for collateral, we ask for insurance certificates of value and require an American Land Title Association (ALTA) survey. It may take several weeks to obtain the ALTA. The HBCU Capital Financing Program usually wants to be first or at the very least hold parity on liens. Although we work hard for equitable solutions for all parties involved, the negotiations to get resolution can consume most of the closing timetable. If the your school is a public HBCU, negotiations with state officials often take many weeks and require additional steps in the document review process. In addition, some capital projects can weigh on the closing schedule. For example, a student center that is owned, leased, managed, or operated by a private business that makes a payment to your school for the use of the student center can pos
