The timing of loan approval depends almost completely on the rate of progress by the developer in 3 critical areas. 

Typical

• Site Plan Approvals:              (60 days)
• 3rd Party Reports                  (45 days)
• Engineering:                           (90 days)

If any of these steps are already done or substantially completed, it can greatly reduce the total time for funding on the loan (Initial Endorsement).

Note: From a practical perspective, although the "Invitation to Submit" received by the mortgagee from HUD is not loan approval, it certainly indicates a high degree of probability the project will receive a Firm Committment Lettter, and go to funding.   So, the most critical part of the timeline is from the start of the engagement with the mortgagee to the Invitation To Submit.

The "Paradigm" timeline shows a total loan processing time from November 2003 through December 2004, using the above listed developer controlled time periods.  Presuming the project has site plan approvals in place, and the engineering is already done, the project would fund in July 2004.