SBA

 SBA 7(a) Commercial Business Loan Approval Process Flow

Our 90% to 100% financing program us available to Borrowers that meet the following criteria:

  • Business owner for three years- stable to upward cash revenue trends- three years of business tax returns required
  • Currently renting and looking to buy a lot and build a building or buy a building to rehab and/or as-is
  • Business must occupy a 51% footprint of the building being purchased. Mix use – okay
  • $350k to $5M Loan Amount
  • Amortization up to 25-year term on purchase of a building
  • Interest rate: Wall Street Prime + margin (2.75%), SBA Guaranteed, P&I payment, payment adjusts quarterly
  • No balloons, call provisions or financial covenants
  • Prepayment penalty for first 3 years (5%, 3%, 1%) – can pay down principal up to 20% per year without a penalty
  • 45-60 day closings with responsive borrower. 60-90 day with borrower delays
  • Credit Score of 690 and above
  • No bankruptcy or foreclosure in past 5 years
  • Borrower is looking to buy a building with 100% financing to expand their business. Roll closing costs and equipment into the loan
  • Financing available for industrial, manufacturing, hair/nail salon, medical professional, gas stations / convenience stores, franchise restaurants and more!
  • Leasehold Improvements

 

Additional Programs:

  • 90% Business acquisition, partner buyout, business expansion, machinery, equipment, start up, working capital and franchise finance acquisition. 10 year term if property purchase not included
  • 100% for Building purchase, Refinance, and debt consolidation

 

Documents Needed:

  • 3 Years Personal and Business tax returns
  • Current Interim Profit and Loss and Balance Sheet
  • Application
  • Start-up & Biz Acquisition we will need a complete three- year business plan w/ 2 year projections reflecting Profit and Loss & Business Plan
  • Plans and Specifications, Construction contract, draw schedule, timeline and breakdown on permits required – New Construction and Rehab
  • If an acquisition of an existing business, we will need three years business tax returns and financials of their business
  • Purchase Contract
  • ID’s
  • Notes for debt to be refinanced