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03-14-2022, 02:05 PM #1
- Join Date
- Jan 2014
- Posts
- 1,375
SBA and collateral
up to what amount does the SBA not need collateral? I thought it was 350k. Have 260k SBA 7A going right now almost about to close and now is when they are going back and forth about collateral which merchant does not have (real estate)
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03-14-2022, 02:53 PM #2
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03-14-2022, 03:18 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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
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03-15-2022, 08:11 AM #4
A non bank SBA lender will consider "business assets" which doesn't need to be property. They will also consider putting a lien on equipment, private residence, inventory, "all business assets" etc. I've done them with 3rd position lien on primary residence. As long as it covers 85% of the loan amount. SBA EIDL guidelines are different though. They can do up to $500,000 without collateral as an exception.
Steve Benjamin
Professional Business Loans
522 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.
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