Closing occurs when schools sign or execute the final loan or bond documents and receive the proceeds to refinance existing debt. During the period between approval or marketing and closing, lenders will prepare legal documentation for the loan and finalize any outstanding due diligence. Schools will review the legal documentation with school counsel and ensure that terms and conditions are in keeping with the lender’s commitment. For bond issuances, various counsel and underwriters will finalize the official statement and associated legal documents.
Related Articles in Undertsanding your Needs:
- Facility Refinancing: Preparation & Solicitation
- Assembling Your Facility Refinancing Team
- Facility Refinancing Guide to Underwriting
- Facility Refinancing: Credit Approval, Rating, and Marketing
- Facility Refinancing Guide to the Bond Market
- Facility Refinancing Guide to State Credit Enhancement
- Facility Refinancing Guide to Philanthropically-Enhanced Funds, Equitable Facilities Fund
- Facility Refinancing Guide to the CDFI Bond Guarantee Program
- Facility Refinancing Guide to Banks and Credit Unions
- Facility Refinancing Guide to Community Development Financial Institutions
- Facility Refinancing Guide to Philanthropically-Enhanced Funds, Facilities Investment Funds
- Facility Refinancing Guide to Replacement and Reporting
Legal Disclaimer:
Nothing in this material should be construed as investment, financial, brokerage, or legal advice. Moreover, the facts and circumstances relating to your particular project may result in material changes in the processes, outcomes, and expenses described herein. Consult with your own professional advisors, including your financial advisors, accountants, and attorneys, before attempting to consummate any transaction described in this material.
