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Yesterday, 03:09 PM #1
Reputation points: 4282
- Join Date
- Dec 2023
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- 51
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Yesterday, 03:13 PM #2Steve 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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Yesterday, 03:28 PM #3
Reputation points: 4282
- Join Date
- Dec 2023
- Posts
- 51
Generally it's not optional if there is sufficient equity in a guarantor's residence (as an example) - it's an SBA requirement, bank or non-bank lender. Whether your clients haven't had sufficient equity in their residences to be required to pledge it, whether the bank requires additional collateral to approve, whether your clients have excess collateral coverage already, or whether you're working on deals under the threshold of that requirement (sub $350k, if I recall correctly) - those are all possibilities as to why you haven't seen that.
Banks are welcome to layer on their own requirements on top, but to say as a blanket that only non-bank SBA lenders take personal property as collateral is flatly incorrect, with all respect. Its fairly common.Last edited by Incbiz440; Yesterday at 03:32 PM.
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Yesterday, 03:44 PM #4Steve 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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