When does an application become a finance agreement i.e. when is it purchased

When does an application become a finance agreement i.e. when is it purchased

An application becomes a finance agreement i.e. it is purchased / draw down
  1. the application has been approved by the credit team
  2. the listing / application has been funded i.e. by investors or by the finance company, whoever is funding it
  3. if required, the borrower has both finalised and accepted the offer
the application will then only become a finance agreement when the start date is reached.