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10-20-2023, 01:33 PM #1
- Join Date
- May 2023
- Posts
- 47
SBA 7A Lender
I have a client who owns a construction company, does about $600K-$1M monthly, and has only been in business for 1.3 Years (No business tax returns). We have 2 separate invoices for equipment totaling $160K. We are in the final stages of underwriting and the client decided he wants to entertain an SBA option. His credit scores are all around 730, what are the current rates with SBA right now and would he qualify? I know Prime is 8.5%
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10-20-2023, 01:54 PM #2
- Join Date
- Apr 2021
- Posts
- 36
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10-20-2023, 02:02 PM #3
- Join Date
- May 2023
- Posts
- 47
Are there any start-up options?
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10-20-2023, 02:29 PM #4
Yes - you can do a start up with a SBA 7A.
10 years 10.5% adjusts every 3 months.
I have two SBA lenders that can do construction.
I have an equipment guy for start ups, short TIB - Tony at Finance It Forward
You can also get a SBA micro loan from the SBA website up to $50,000
https://www.sba.gov/funding-programs/loans/microloans
Need PFS - strong financials
Credit reports
Management experience and industry experience
Strong projections, business plan, etc
Personal and business assets for collateral.
Good cash flow.
Tax return one year is fine
P & L and balance sheet for year end 2022 and YTD 2023.
It would help if you have additional previous experience in the industry.Last edited by Olderguy; 10-20-2023 at 03:09 PM.
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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10-20-2023, 02:42 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,926
Check with Southend Capital which is a division of Stearns Bank - They handle equipment financing.
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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10-22-2023, 08:40 PM #6
- Join Date
- May 2023
- Posts
- 47
Thank you!
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10-23-2023, 03:17 PM #7
- Join Date
- Jan 2022
- Posts
- 42
I work for one of the nation's largest SBA 7a lenders. Unfortunately, we only do commercial real estate secured deals and not equipment.
Let me know if come across any commercial real estate secured SBA deals and you can deal directly with the funding source.
Good luck with your current project.Dan WallaceSVPEnterprise BankNational, direct SBA lenderFast and creative financing solutions970-390-6650dwallace@enterprisebank.com
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