Dumb question regarding commercial loan procedure.
This is a bad question, but I'm blanking on the process. If I received a commercial loan, 70% LTV on a $1 Million dollar building. At the time of closing, I'm paying my $300k to the bank and they are sending all of the $1 Million to the seller? Or do I send $300k to the seller and the bank takes care of the rest to the seller? I know this is extremely simple. Thanks.
[{"id": "h2qvjzm", "text": "You send the $300K plus closing costs, etc. to the title company escrow account.", "replies": [], "depth": 1}, {"id": "h2ra6ph", "text": "You sound ill equipped to be handling million dollar transactions.", "replies": [{"id": "h2rdczp", "text": "Ha yes, it\u2019s hypothetical, trying to learn the process.", "replies": [{"id": "h2reshw", "text": "In this business you\u2019re either fucking someone or getting fucked yourself. You sound ripe for a fucking by an opportunistic asshole.", "replies": [{"id": "h2rfdjy", "text": "Got it, so no help", "replies": [{"id": "h2rg09y", "text": "Like the other guy mentioned, everything goes to escrow until the attourney releases funds post transaction. Never put funds anywhere but escrow to protect yourself", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]