Which comes first – the chicken or the egg? Great question. Both of these steps are essential in getting your new business off the ground, so I would work on the basics of both needs at the same time.
You’re probably going to need to finalise your franchise in terms of getting approved by the franchisor as a new franchisee and knowing where your site is going to be before you get final approval for your franchise financing, but there is no reason not to do some of the preliminary work on the financing while you’re getting all the details set for the franchise.
As a final note, I would ask the folks at the franchise company for advice on this question as well since they’ve undoubtedly helped many others that came before you in the same situation. They might have some shortcuts or suggestions to make the process easier or faster for you to complete.