Review them while they can still inform the transaction, before the application relies on a capital amount. A later security change can alter which loan proceeds qualify and require a revised investment explanation.
Check preliminary and final documents
Start with the proposed borrower and collateral, then compare the signed agreements, disbursements and closing statement with that analysis. Allow time to resolve inconsistencies before submission. A lender’s funding deadline and government processing are different schedules.
Do not assume that closing quickly or obtaining a business loan establishes permission for the investor to begin working in the enterprise. Review the financing at both the preliminary and the final stage, because terms change between a term sheet and completion and the changes are frequently material to this analysis. A lender that initially proposed security over personal assets may require a charge over the business before drawdown, and that adjustment can alter the position substantially while appearing to be a technical amendment.
Ask to see each draft of the security documents and have counsel look at them before execution rather than afterwards. Where completion is being pressed, the review is still worth insisting on, since the structure can generally still be adjusted before signing and essentially not at all afterwards. Build the time for it into the transaction timetable rather than treating it as something to fit around the closing.