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  1. #1

    Question SBA or Term loan to refinance Biz debt

    hello
    who are some good lenders that offer long terms to refinance a 500K restaurant business loan ??

    thanks

  2. #2

    madison one

    Quote Originally Posted by Beach76 View Post
    hello
    who are some good lenders that offer long terms to refinance a 500K restaurant business loan ??

    thanks
    i hear great things about them

  3. #3
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    Quote Originally Posted by Beach76 View Post
    hello
    who are some good lenders that offer long terms to refinance a 500K restaurant business loan ??

    thanks
    SBA 7(a) Guidelines:

    https://www.sba.gov/funding-programs/loans/7a-loans
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    It goes way beyond "lenders". You need to know how to package and submit. I wouldn't bother if you don't have the experience. Or ask someone to help you. I am doing that now for other brokers.
    Last edited by Olderguy; 03-01-2022 at 04:00 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
    Banned Reputation points: 179851
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    Jun 2017
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    Why don't people use Newtek anymore?

  6. #6
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by ryan $ View Post
    Why don't people use Newtek anymore?
    They suck at communication and turnaround time. They also don't love working capital disbursements in their loan which is a common need when you work with MCA merchants. On top of that, they will market so many products to the business because that's their whole thing - business solutions.

  7. #7
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    NewtekOne has treated me well. They are the largest non bank SBA lender in the US capitalized at over $500M. Collateralize business assets, personal property, etc. They are flexible in underwriting. I get my info package direct to the Managing Director who assigns his top processor and underwriter. Prequals in 15 minutes in most cases.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  8. #8
    We are a direct 7a lender. Fastest growing non-bank SBA lender in the US. Contact me if you want to come straight to the source.
    Dan Wallace
    SVP
    Enterprise Bank
    National, direct SBA lender
    Fast and creative financing solutions
    970-390-6650
    dwallace@enterprisebank.com

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