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07-18-2024, 03:28 PM #1
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- Dec 2023
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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; 07-18-2024 at 03:32 PM.
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07-18-2024, 03:44 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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07-19-2024, 11:33 AM #3
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- Dec 2023
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- 61
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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