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SBA 7a Loans
Borrower Benefits
Low down payment of only 10%
Long repayment terms reducing monthly payments
Frees up cash flow to expand your business
Many rate options including long term fixed rates
Use of Proceeds Purchase:
Construction or renovation of owner-occupied commercial real estate
Refinancing of existing debt is not permitted with a 504.
Please refer to SBA 7a for refinance transactions.
Standard Loan Structure
50% financing - First mortgage (up to $5,000,000 million)
40% financing - SBA 504 second mortgage (SBA/Certified Development Corporation provides up to $2 million)
10% minimum down payment by the borrower (15% in the case of special use properties)
Terms:
First Mortgage: 25 years, fully amortized
Fixed, floating and adjustable rates available
Competitive fee structure
Prepayment penalty applies & is set based on various factors
Second Mortgage
20 years, fully amortized
Fixed rate is determined at SBA-guaranteed 504 debenture sale
Fees set by the proposed lender
Prepayment penalty for initial 10 years, none after the end of year 10
SBA 504
Borrower:
Benefits Low down payment of only 10%
Long repayment terms reducing monthly payments
Frees up cash flow to expand your business
Many rate options including long term fixed rates
Use of Proceeds Purchase, construction or renovation of owner-occupied commercial real estate refinancing of existing debt is not permitted with a 504.
Please refer to SBA 7a for refinance transactions.
Standard Loan Structure:
- 50% financing - First mortgage (up to $5,000,000 million)
- 40% financing - SBA 504 second mortgage (SBA/Certified Development Corporation provides up to $2 million)
- 10% minimum down payment by the borrower (15% in the case of special use properties)
Terms:
First Mortgage 25 years, fully amortized
Fixed, floating and adjustable rates available
Competitive fee structure
Prepayment penalty applies & is set based on various factors
Second Mortgage
20 years, fully amortized
Fixed rate is determined at SBA-guaranteed 504 debenture sale
Prepayment penalty for initial 10 years, none after the end of year 10
Fees set by the proposed lender
Conventional Small Business
Loan Amounts: Up to $5,000,000 million
Borrower Benefits:
Long repayment terms, reducing monthly payments
Frees up cash flow to expand your business
Fixed interest rates result in less uncertainty due to future interest rate fluctuations
Use of Proceeds
Purchase or refinance (with cash out) of commercial real estate (minimum 25% owner-occupancy required)
Eligible property types include (but are not limited to): self-storage, industrial, hotel/motel, office, car wash, restaurant, day care and retail.
Ineligible property types include:
Multi-family, single family residential, church, water park, golf course, raw land and marina
Terms:
25 year fully amortizing repayment schedule
Loan to values of up to 85% on multi-purpose properties
Lower loan to values available for special use properties.
Prepayment penalties are required Fixed (for full loan term) and variable rates available.
All customary fees apply (including loan origination fee and loan closing costs)
Underwriting requirements:
Minimum FICO & debt service coverage requirements (vary by deal type - call for specific information).
Additionally, taxes/escrows may be required Loans are assumable
Business Acquisition
Loan Amounts:
Up to $2,000,000 million (up to $5,000,000 million on real estate acquisitions)
Borrower Benefits:
Long repayment terms, reducing monthly payments
Low down payment of as little as 10%
Financing available for most eligible industries including (but certainly not
limited to): restaurants, manufacturers, medical professionals, retail stores,
dry cleaners, print shops, day care centers, car washes,
wholesalers, hotels/motels, machine shops, gas station/c-stores and others
Special Requirements:
Buyers must have direct or highly related industry experience coupled with acceptable personal credit histories.
Loans available to purchase 100% ownership in an existing business Transaction can be structured as either an asset purchase or stock purchase redemption. Due to the uniqueness of each transaction, business acquisitions are evaluated on a case-by-case basis. Loans typically must be secured with a First Security Interest in all business assets as well as all available collateral (including the buyer's personal residence) until the loan is fully secured. Loans will be considered with up to a maximum unsecured exposure of up to $500,000 Third party business valuation may be required.
Terms:
Up to 10 years depending on use of proceeds
(terms will be longer if real estate is included with the business purchase)
SBA 7a loans up to 15 years have no prepayment penalty while terms of 15 years or greater have no prepayment penalty after year 3.
Rates are based on a spread over the Prime Lending Rate.
Rates vary depending on the specific strengths of the transaction
All customary fees apply all 7a loans are fully amortized and are assumable.
The loans have no call dates or balloons