Anyone here do small business loans?

[HOOTER SLED-]

Just curious, what kind of rates go along with a loan like Bre is talking and that amount, and how about the terms??? Ballpark of course.

[Bre]

Your best bet is a SBA loan (will require a 2nd on your home), seller financing or take out a 2nd yourself on the home.
If my bank would call back LOL... I could get this all figured out :idea:
Mother fcukers :boxingguy

[totenhosen]

Just curious, what kind of rates go along with a loan like Bre is talking and that amount, and how about the terms??? Ballpark of course.
Variety of terms ranging from 15-30 year amortization, due in 10-30 years, rates vary as well from doing prime + 2 or a 5year Treasury note plus ???
There are some many ways to structure the deal.
Bad thing is SBA typically requires taking a 2nd on the primary residence of the borrower.

[Infomaniac]

Yea if you go 100% SBA it requires a 2nd on the house.
If you go through your bank, and they do the SBA for you. You can get the 2nd taken off in 1 year.
I just did all of this last month.
SBA will also allow payments to go past 7 years. 7 is typically the most a standard bank loan will go.

[ChumpChange]

I write conventional as well as SBA loans for US Bank. If there is a possible way to go conventional, go that way. Otherwise it's SBA. US Bank is currently running a promotion where the bank pays for the SBA guarantee fee which usually runs about 1.5% of the loan amount. That could be a great savings in this instance.

[JDB]

Bre
I do Industrial Real Estate myself and have a recomendation for you. Call Bob Sebastian at 909-989-7771 (they will answer Lee & Associates, just ask for Sebastian) He is a "private lender" however, most of his programs are consistant with SBA loans. If anyone can get "creative", Bob is your guy. He is an ex real estate guy himself so he knows the mechanics of a real estate/business opp deal. Hope that helps! Good luck!

[mbrown2]

Bre,
Good luck with the buz....pm me what it is since that is my neck of the woods...may be able to drum some customers your way..