A very interesting resource can be found at:
SBAEngine.com
Small Business Administration Loan Search Engine (video instructions)
SBA Programs – 504 & 7a Loans
Both programs are very useful for companies that have a positive cash flow and a Debt Service Coverage of 1.25. This website is extremely helpful:
504 Guidelines / Requirements
- Credit score- 670 or higher, all 3 bureaus (No tax liens, foreclosures, judgments, or delinquencies)
- Must involve real estate
- LTV – 80% – 90%
- Must have experience in the industry or a very experienced staff
- Must have a positive cash flow – DCR of 1.25 or more
- Loan amount – $200k – $2mm
7a Guidelines / Requirements
- The only difference between the two programs is that 7a loans are loans that deal with just the acquisition, i.e.: Just the purchase of the business without the real estate.
- LTV 70% principal needs to bring 30% of the purchase price
- Principal must have a primary residence (house) some type of savings, checking money market stocks, bonds.
Terms
- Interest Rate – Prime + 2.75%
- 3 – 5 year fix rate
- 20 – 30 year am ( Based on Project )
- 10 – 15 year am ( Based on Acquisition-no real estate involved )
FOR PROJECT SUBMISSIONS PLEASE UTILIZE: admin@ovadyafunding.com
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Keep in mind , Ovadya Funding Group International , Inc. is not a an SEC licensed firm. We offer this information for your information only. Legal Disclaimer HERE. We DIRECTLY represent third-party lenders. If you are interested in this product, please contact us at: info@ovadyafunding.com. , as Ovadya Funding Group International, Inc. has relationships with a lender(s) involved many project funding types.
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