Results 26 to 30 of 30
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07-18-2024, 03:44 PM #26Steve 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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07-19-2024, 11:33 AM #27
- Join Date
- Dec 2023
- Posts
- 66
There's a lot of confusion between SBA SOP and whatever banks layer on top as part of their own credit policy. I've gotten declines from underwriters in the past who blame x as being in violation of SBA guidelines when in fact it's not SBA SOP at all, it was the banks additional, internal credit policy for SBA deals that was the sticking point. But upside there - and to your point - it opens the door to shopping it to other banks or non-bank SBA lenders that don't have that policy or may be more flexible on that particular sticking point.
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07-20-2024, 09:42 PM #28
That was kind of my point with Kevin....I just got a file funded with Velocity SBA that got turned down by 4 other SBA lenders. It went to the credit committee twice, denied the first time, and approved after a conference call with a high level manager and my client.
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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07-21-2024, 12:31 AM #29
- Join Date
- Dec 2023
- Posts
- 66
Understandable, I was just saying your statement as an absolute (non-bank SBA lenders do, bank SBA programs don't) wasn't accurate and that taking personal property (real estate, typically) is fairly common. Whether a particular lender will settle for _only_ taking personal property as primary collateral on a given deal would be up to their own policies and judgement call. But I've funded SBA deals at a large regional bank with a primary residence as primary collateral, so from firsthand experience it definitely occurs.
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07-21-2024, 08:10 AM #30
Thanks for that...I stand corrected..my experience has obviously been biased.
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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