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02-03-2020, 05:42 PM #1
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- Jul 2017
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- 548
Smart Biz but no dollar cap
Looking for a company like Smart Biz but with no dollar cap. Thanks!
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02-03-2020, 09:30 PM #2
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- Sep 2019
- Posts
- 402
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02-04-2020, 01:02 PM #3
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- Jul 2017
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- 548
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02-04-2020, 11:54 AM #4
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- Mar 2019
- Posts
- 105
Newtek - but they are miserable to deal with in comparison to smart biz and pay way less.
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02-04-2020, 01:17 PM #5
- Join Date
- Feb 2017
- Posts
- 3,427
If it's a B2B business, are they factoring already? Can you enlighten the board why you need SBA specifically?
The SBA will go up much higher if there's commercial real estate involved.
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02-04-2020, 01:29 PM #6
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- Jul 2017
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- 548
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02-04-2020, 01:30 PM #7
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- Feb 2017
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The nice part about the up to $350k SBAs, is that there really is no collateral, just blanket UCCs.
What collateral does the client have to justify a $3mm loan?
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02-04-2020, 01:49 PM #8
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- Jul 2017
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- 548
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02-04-2020, 02:14 PM #9
- Join Date
- Oct 2016
- Posts
- 4,318
Depends on what the financials show. Has he been profitable the past few years? Have to figure out what his Debt Service Coverage Ratio is on $3M. If he can’t get it well over 1.0, but also lacks collateral, the options are few. Even if over 1.0 but lacking collateral it’s tough.
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02-05-2020, 09:54 AM #10
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
85% of our business is SBA, and I have yet to get a deal done for that amount with no collateral. Most banks I work with on a deal that size will require $1.2MM in collateral to justify the exposure on a $3MM Loan.
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