Conditional Approval
An approval for financing that's contingent on the business meeting specific remaining conditions, such as submitting outstanding documents or stipulations, before funding.
Conditional approval means the lender has reviewed the core application favorably but hasn’t yet issued final approval, since one or more stipulations, verifications, or conditions still need to be satisfied first.
It’s a meaningfully stronger position than pre-qualification, since underwriting has already largely been done, but it isn’t a guarantee of funding until every remaining condition clears.
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