Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
Commercial Loan Direct provides SBA commercial loans nationwide.
The Small Business Administration (SBA) was created in 1953 as an independent agency of the US government to protect the interests of small businesses, preserve competitive enterprise, and strengthen the economy. The SBA helps small business owners remain the engine of the United States by offering higher LTVs and lower DSCRs than most conventional loan products. These programs are operated through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA; the Agency has no funds for direct lending or grants. Although these programs are available for any individual, it gives special advantages to women and those belonging to minority groups. These products are available nationwide.
This loan is the most common of all SBA loans because eligibility is based upon the business and principals. This can be used for any type of business, assuming it meets the following criteria:
Loan Program Eligibility: Repayment ability from the cash flow of the business is a primary consideration in the SBA decision process but good character, management capability, collateral, and owner's equity contribution are also important considerations..
Use of Proceeds: Loan proceeds may be used to establish a new business, or assist in the acquisition, operation, or expansion of an existing business.
Loan Repayment Terms: Repayment structures may include self-amortization or a balloon.
Loan Amounts, Fees, and Rates: The specific terms are negotiated between a borrower and an SBA-approved lender.
Loan Application Checklist: Make sure all necessary items are submitted with your SBA 7(a) application.
SBA 7(a) Loans SBA 7(a) Rates
The CDC/504 Loan Program provides financing for major fixed assets such as equipment or real estate.
Loan Program Eligibility: Borrowers must meet certain eligibility requirements to be considered for this loan.
Use of Proceeds: Proceeds must be used for tangible goods that are not considered speculative.
Loan Amounts, Fees, and Rates: Loans, fees, and rates depend ultimately on the use of proceeds. Find out more here.
Loan Application Checklist: Make sure all necessary items are submitted with your SBA 504 application.
SBA 504 Loans SBA 504 Rates
Term Length and Amortization: SBA term length and amortization depends on the product as well as the underwriting guidelines of the conventional partner. Terms and amortizations can go up to 25 years in some circumstances.
Recourse: SBA Loans are always recourse, which means that a personal guaranty for the repayment of the loan is required. Full recourse loans make the sponsors guarantying the loan responsible for any and all shortfalls between the loan balance and sales price in the event of default and foreclosure as well as any applicable legal and ancillary fees.
Prepayment Penalty: Prepayment structures can vary greatly, depending on the how the conventional partner structures the loan and what SBA program is guarantying the loan.
Lending Areas: SBA loans are nationwide.
Loan Servicing: SBA Loans are typically serviced by the Certified Development Company (CDC) packaging the loan. The Master Servicer is responsible for day-to-day loan servicing practices including collecting loan payments, managing escrow accounts, analyzing financial statements inspecting collateral and reviewing borrower consent requests. All non-performing mortgages are usually sent to the special servicer. The special servicer is responsible for preforming customary work-out related duties including extending maturity dates, restructuring loans, appointing receivers, foreclosing the lender’s interest in a secured property, managing the foreclosed real estate and selling the real estate. Under some situations, master servicers subcontract some of their responsibilities to a primary or sub servicer in order to uphold the servicing standard when they need additional assistance.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
We found an account with the email address you provided. Let's get you logged in by putting your password below.