[fundingsolution]

Hello! Who can do SBA loans on 50/50 commission split? If so, please let me know how many SBA loans have you done so far and how many years of industry experience do you have. I do have plenty of deals and looking to work with someone who knows what they are doing.

[Olderguy]

I can and have made several posts about SBA loans. Up to $350,000 the commission is 2% Collateralized SBA loans above $350,000 the commissin is 2% on the front end and 3/4% on the back end as a referral fee. I split commissions 50%.

Here's what the broker submitted to his SBA bank that got denied:

Covid has had very little impact on our business. During the height of the pandemic, we did some deep sanitizing which was a profit center. Except for the hassles of dealing with contractors getting sick and having to deal with scheduling, operations have remained stable.

We are currently billing 103 different clients. We operate as a contract cleaning company. This simply means that we have contracts and are billing one time per month for services. Cleaning schedules range from 1 service monthly to 365 day per year service.

We are simply looking to consolidate the debt that we currently have. This will give us the flexibility to pursue additional contracts and continue expansion. We are currently bidding 5 different contracts. One of the contracts will be approximately $2600.00 per Month. Three of the proposals are small accounts
that would be $275- $400 per month. If we can come to terms, one of the contracts would total $22000.00 per month. These are the contracts that I need financial flexibility to pursue. Our largest current contract is about $5900.00 per Month. One as large as $22000, will require me to lay out about $15000 before receiving the first check.

HERE'S WHAT I SUBMITTED:

We are seeking $350,000 in SBA 7A financing to:

A. Consolidate business debt and reduce debt payments
B. Obtain working capital to service current bids that are pending awaiting capitalization.

We want to pay off $178,00 in 4 high interest business loans that have a monthly expense of $17,373. A SBA 7A at 6% will reduce this to $1,980 a month = saving us $15,393 a month. Note: We have several vehicles that are required for this industry - debt which is separate on the balance sheet and form 2202.

We are in the process of submitting bids for several new clients. We need $150,000 in additional working capital for labor/materials/overhead to service this new business.

Client A $275 a month
Client B $400 a month
Client C $22,000 a month
Client D $2,600 a month
Client E $300 a month

Total new business bids: $25,5475 a month projected increase in revenue

We are currently billing 103 different clients operating as a contract cleaning company. Covid has had very little impact on our business. During the height of the pandemic, we were performing deep sanitizing so operations grew in sales and net income.

Total revenue for 2021: $1,025,000
Net income: 126,854
Depreciation: 51,500
Net income w/o deprec. 178,354

Total revenue for 2020: $761,109
Net income (437)
Depreciation: 138,672
Net income w/o deprec. 138,235

Total revenue for 2019: $461,435
Net income: 12,825
Deprec: 104,591
Net income w/o deprec 117,416

We have two SFR real estate properties and 1 ten acre of land with equity in all to collateralize this loan.

Fico is a bit below 660 due to a recent purchase of several trucks and use of company credit card equity to help some employees.

File was denied by brokers bank SBA lender due to DTI issue but the submission combined vehicles with business loans.

We received an approval for $350,000 but after underwriting, got final at $250,000. However my lender said after 2 - 3 months of payment history, they would give him another $100,000 for a total of $350,000 under the SBA 7A.

For collateralized SBA loans I use a non bank SBA lender that allows collateralization of personal assets. In many cases I can use a UCC in 2nd or 3rd position on a primary residence to collateralize SBA loans.

[CRElender]

Hello! Who can do SBA loans on 50/50 commission split? If so, please let me know how many SBA loans have you done so far and how many years of industry experience do you have. I do have plenty of deals and looking to work with someone who knows what they are doing.

I work for a direct, national SBA lender who is consistently in the top ten nationally for SBA loans. No need to split commissions and go straight to the source. I only work on CRE secured deals and offer SBA 7a and 504. Through the SBA 7a program I can go up to $6.2M and can offer quarterly variable as well as 3, 5 and 10 yr fixed rates. Through the 504 program, I can finance eligible projects up to $15M.

We also offer ground up construction 7a loans.

Our process is very fast. With a complete package, we can get an approval in 3 to 4 days with closings in 30 days, or faster.

My work email is dwallace@enterprisebank.com and I can be reached at 970-390-6650

-Dan Wallace